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)
Cynthia Lo Bessette, 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, 2022 |
Item 1.
Reports to Stockholders
Fidelity® Michigan Municipal Income Fund
Fidelity® Michigan Municipal Money Market Fund
Semi-Annual Report
June 30, 2022
Contents
Fidelity® Michigan Municipal Income Fund | |
Fidelity® Michigan Municipal Money Market Fund | |
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Michigan Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2022
| % of fund's net assets | |
| General Obligations | 24.2 |
| Health Care | 23.8 |
| Education | 13.5 |
| Water & Sewer | 10.1 |
| Transportation | 10.0 |
Quality Diversification (% of fund's net assets)
| As of June 30, 2022 | ||
| AAA | 3.2% | |
| AA,A | 87.5% | |
| BBB | 3.8% | |
| BB and Below | 1.5% | |
| Not Rated | 2.3% | |
| Short-Term Investments and Net Other Assets | 1.7% | |
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® Michigan Municipal Income Fund
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 98.3% | |||
| Principal Amount | Value | ||
| Guam - 0.4% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
| 6.25% 10/1/34 (a) | $600,000 | $621,084 | |
| 6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) | 400,000 | 420,789 | |
| Guam Pwr. Auth. Rev. Series 2022 A, 5% 10/1/44 (b) | 1,000,000 | 1,020,116 | |
| TOTAL GUAM | 2,061,989 | ||
| Michigan - 96.9% | |||
| Battle Creek School District Series 2016: | |||
| 5% 5/1/36 | 1,500,000 | 1,628,976 | |
| 5% 5/1/37 | 1,175,000 | 1,273,803 | |
| Bay City School District Rev. Series 2014: | |||
| 5% 11/1/26 | 1,000,000 | 1,052,975 | |
| 5% 11/1/27 | 700,000 | 736,567 | |
| 5% 11/1/28 | 250,000 | 263,014 | |
| Bloomfield Hills Schools District Series 2020, 4% 5/1/50 | 1,500,000 | 1,469,049 | |
| Chippewa Valley Schools Series 2016 A: | |||
| 5% 5/1/32 | 1,000,000 | 1,063,876 | |
| 5% 5/1/33 | 1,000,000 | 1,062,246 | |
| 5% 5/1/34 | 1,075,000 | 1,140,516 | |
| 5% 5/1/35 | 775,000 | 821,477 | |
| Detroit Downtown Dev. Auth. Tax Series A: | |||
| 5% 7/1/29 (Assured Guaranty Muni. Corp. Insured) | 1,340,000 | 1,405,280 | |
| 5% 7/1/31 (Assured Guaranty Muni. Corp. Insured) | 1,775,000 | 1,860,766 | |
| 5% 7/1/33 (Assured Guaranty Muni. Corp. Insured) | 2,000,000 | 2,095,843 | |
| 5% 7/1/34 (Assured Guaranty Muni. Corp. Insured) | 1,750,000 | 1,833,515 | |
| 5% 7/1/35 (Assured Guaranty Muni. Corp. Insured) | 2,750,000 | 2,880,145 | |
| 5% 7/1/37 (Assured Guaranty Muni. Corp. Insured) | 2,000,000 | 2,093,857 | |
| Detroit Gen. Oblig.: | |||
| Series 2018, 5% 4/1/23 | 310,000 | 315,522 | |
| Series 2020: | |||
| 5.5% 4/1/35 | 690,000 | 751,503 | |
| 5.5% 4/1/36 | 435,000 | 472,988 | |
| 5.5% 4/1/37 | 465,000 | 504,350 | |
| 5.5% 4/1/38 | 490,000 | 530,318 | |
| Series 2021 A: | |||
| 5% 4/1/37 | 1,875,000 | 1,954,871 | |
| 5% 4/1/39 | 1,210,000 | 1,256,036 | |
| Detroit Swr. Disp. Rev.: | |||
| Series 2001 B, 5.5% 7/1/29 (Assured Guaranty Corp. Insured) (FGIC Insured) | 25,000 | 27,861 | |
| Series 2006, 5% 7/1/36 | 10,000 | 10,027 | |
| Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018: | |||
| 5% 4/1/33 (Assured Guaranty Muni. Corp. Insured) | 735,000 | 818,867 | |
| 5% 4/1/34 (Assured Guaranty Muni. Corp. Insured) | 520,000 | 578,202 | |
| 5% 4/1/35 (Assured Guaranty Muni. Corp. Insured) | 500,000 | 554,537 | |
| Farmington Pub. School District Gen. Oblig.: | |||
| Series 2015: | |||
| 5% 5/1/26 (Assured Guaranty Muni. Corp. Insured) | 1,385,000 | 1,493,802 | |
| 5% 5/1/27 (Assured Guaranty Muni. Corp. Insured) | 1,425,000 | 1,535,318 | |
| Series 2020, 4% 5/1/40 | 3,000,000 | 2,998,505 | |
| Fitzgerald Pub. School District Series 2019, 5% 5/1/37 | 1,260,000 | 1,408,073 | |
| Flint Hosp. Bldg. Auth. Rev. Series 2020: | |||
| 4% 7/1/38 | 1,800,000 | 1,656,521 | |
| 4% 7/1/41 | 1,395,000 | 1,235,200 | |
| Fraser Pub. School District Series 2006 B, 5% 5/1/29 | 1,455,000 | 1,560,607 | |
| Gerald R. Ford Int'l. Arpt. Auth. Rev. Series 2021: | |||
| 5% 1/1/26 (a) | 225,000 | 242,636 | |
| 5% 1/1/27 (a) | 325,000 | 356,005 | |
| 5% 1/1/28 (a) | 235,000 | 260,652 | |
| 5% 1/1/29 (a) | 525,000 | 588,024 | |
| 5% 1/1/30 (a) | 425,000 | 479,459 | |
| 5% 1/1/31 (a) | 725,000 | 821,880 | |
| 5% 1/1/32 (a) | 725,000 | 819,507 | |
| 5% 1/1/33 (a) | 1,000,000 | 1,129,944 | |
| 5% 1/1/34 (a) | 1,000,000 | 1,123,528 | |
| 5% 1/1/35 (a) | 850,000 | 951,212 | |
| 5% 1/1/36 (a) | 600,000 | 669,007 | |
| 5% 1/1/37 (a) | 700,000 | 777,797 | |
| 5% 1/1/38 (a) | 1,170,000 | 1,296,649 | |
| 5% 1/1/39 (a) | 1,000,000 | 1,105,895 | |
| 5% 1/1/40 (a) | 1,000,000 | 1,103,312 | |
| 5% 1/1/41 (a) | 1,100,000 | 1,211,216 | |
| 5% 1/1/46 (a) | 2,000,000 | 2,170,555 | |
| 5% 1/1/51 (a) | 3,000,000 | 3,243,116 | |
| Grand Rapids Pub. Schools: | |||
| Series 2017, 5% 5/1/29 (Assured Guaranty Muni. Corp. Insured) | 480,000 | 529,298 | |
| Series 2019: | |||
| 5% 11/1/39 (Assured Guaranty Muni. Corp. Insured) | 1,200,000 | 1,323,011 | |
| 5% 11/1/41 (Assured Guaranty Muni. Corp. Insured) | 1,300,000 | 1,420,238 | |
| 5% 11/1/42 (Assured Guaranty Muni. Corp. Insured) | 1,400,000 | 1,522,138 | |
| Grand Rapids San. Swr. Sys. Rev.: | |||
| Series 2018: | |||
| 5% 1/1/31 | 475,000 | 529,090 | |
| 5% 1/1/33 | 250,000 | 276,767 | |
| 5% 1/1/34 | 550,000 | 606,999 | |
| 5% 1/1/35 | 400,000 | 440,135 | |
| 5% 1/1/38 | 655,000 | 711,492 | |
| Series 2016, 5% 1/1/37 | 1,250,000 | 1,345,814 | |
| Grand Rapids Wtr. Supply Sys. Series 2016: | |||
| 5% 1/1/31 | 250,000 | 270,899 | |
| 5% 1/1/32 | 320,000 | 346,639 | |
| 5% 1/1/33 | 550,000 | 595,402 | |
| 5% 1/1/34 | 500,000 | 540,753 | |
| 5% 1/1/35 | 920,000 | 993,707 | |
| 5% 1/1/36 | 385,000 | 415,177 | |
| 5% 1/1/46 | 800,000 | 851,975 | |
| Grand Traverse County Hosp. Fin. Auth.: | |||
| Series 2014 A, 5% 7/1/47 | 1,400,000 | 1,426,274 | |
| Series 2019 A: | |||
| 5% 7/1/44 | 1,110,000 | 1,165,659 | |
| 5% 7/1/49 | 2,615,000 | 2,720,201 | |
| Grand Valley Michigan State Univ. Rev.: | |||
| Series 2014 B: | |||
| 5% 12/1/25 | 500,000 | 531,883 | |
| 5% 12/1/26 | 1,900,000 | 2,017,481 | |
| 5% 12/1/28 | 1,800,000 | 1,907,391 | |
| Series 2018: | |||
| 5% 12/1/34 | 1,075,000 | 1,169,939 | |
| 5% 12/1/35 | 1,225,000 | 1,331,134 | |
| 5% 12/1/37 | 1,375,000 | 1,490,221 | |
| 5% 12/1/38 | 875,000 | 946,545 | |
| 5% 12/1/43 | 1,400,000 | 1,505,233 | |
| Grandville Pub. Schools District Series 2020: | |||
| 4% 5/1/39 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,005,577 | |
| 4% 5/1/40 (Assured Guaranty Muni. Corp. Insured) | 1,300,000 | 1,303,968 | |
| Great Lakes Wtr. Auth. Sew Disp. Sys.: | |||
| Series 2016 B, 5% 7/1/27 | 15,000 | 16,328 | |
| Series 2016 C, 5% 7/1/31 | 7,000,000 | 7,502,111 | |
| Series 2018 A: | |||
| 5% 7/1/43 | 10,000,000 | 10,831,132 | |
| 5% 7/1/48 | 5,000,000 | 5,387,830 | |
| Series 2018 B: | |||
| 5% 7/1/28 | 1,125,000 | 1,261,278 | |
| 5% 7/1/29 | 15,000 | 17,003 | |
| Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev.: | |||
| Series 2016 C, 5.25% 7/1/35 | 2,000,000 | 2,151,727 | |
| Series 2020 B: | |||
| 5% 7/1/45 | 1,850,000 | 2,008,531 | |
| 5% 7/1/49 | 1,300,000 | 1,409,190 | |
| Grosse Pointe Pub. School Sys. Series 2019: | |||
| 5% 5/1/38 | 1,000,000 | 1,108,810 | |
| 5% 5/1/39 | 1,000,000 | 1,107,014 | |
| Hudsonville Pub. Schools Series 2017: | |||
| 5% 5/1/31 | 430,000 | 476,396 | |
| 5% 5/1/32 | 1,200,000 | 1,326,792 | |
| 5% 5/1/34 | 1,000,000 | 1,098,901 | |
| 5% 5/1/35 | 1,000,000 | 1,096,498 | |
| Ingham, Eaton and Clinton Counties Lansing School District Series II, 5% 5/1/24 | 355,000 | 373,479 | |
| Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016: | |||
| 4% 5/15/36 | 1,985,000 | 1,980,688 | |
| 4% 5/15/36 (Pre-Refunded to 5/15/26 @ 100) | 15,000 | 15,925 | |
| 5% 5/15/28 | 775,000 | 824,922 | |
| 5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100) | 5,000 | 5,496 | |
| 5% 5/15/30 | 4,970,000 | 5,237,840 | |
| 5% 5/15/30 (Pre-Refunded to 5/15/26 @ 100) | 30,000 | 32,975 | |
| Kentwood Econ. Dev. Corp.: | |||
| Series 2021, 4% 11/15/45 | 500,000 | 400,877 | |
| Series 2022: | |||
| 4% 11/15/31 | 1,000,000 | 928,042 | |
| 4% 11/15/43 | 2,250,000 | 1,850,959 | |
| Lansing Board of Wtr. & Lt. Util. Rev.: | |||
| Bonds Series 2021 B, 2%, tender 7/1/26 (c) | 2,000,000 | 1,895,168 | |
| Series 2019 A: | |||
| 5% 7/1/24 | 375,000 | 396,568 | |
| 5% 7/1/25 | 375,000 | 405,562 | |
| 5% 7/1/44 | 2,180,000 | 2,382,779 | |
| Lansing Cmnty. College Series 2019, 5% 5/1/44 | 3,000,000 | 3,292,110 | |
| Lincoln Consolidated School District Series 2016 A: | |||
| 5% 5/1/28 | 2,025,000 | 2,219,994 | |
| 5% 5/1/29 | 1,430,000 | 1,562,220 | |
| 5% 5/1/31 | 500,000 | 543,372 | |
| 5% 5/1/32 | 1,000,000 | 1,086,364 | |
| Lowell Area Schools Series I: | |||
| 5% 5/1/47 | 1,500,000 | 1,657,600 | |
| 5% 5/1/49 | 1,750,000 | 1,932,313 | |
| Macomb Interceptor Drain Drainage District Series 2017 A: | |||
| 5% 5/1/33 | 2,100,000 | 2,306,410 | |
| 5% 5/1/34 | 1,750,000 | 1,921,420 | |
| Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A: | |||
| 5% 7/1/29 | 780,000 | 855,821 | |
| 5% 7/1/30 | 900,000 | 987,126 | |
| 5% 7/1/31 | 780,000 | 853,023 | |
| 5% 7/1/32 | 1,000,000 | 1,093,222 | |
| 5% 7/1/33 | 705,000 | 770,722 | |
| Michigan Bldg. Auth. Rev.: | |||
| (Facilities Prog.) Series I, 3% 10/15/45 | 6,000,000 | 4,989,590 | |
| Series I, 5% 4/15/38 | 3,000,000 | 3,149,393 | |
| Michigan Fin. Auth. Rev.: | |||
| (Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018: | |||
| 5% 11/1/30 | 1,000,000 | 1,133,505 | |
| 5% 11/1/31 | 750,000 | 847,129 | |
| 5% 11/1/32 | 1,000,000 | 1,126,131 | |
| 5% 11/1/33 | 3,250,000 | 3,650,331 | |
| 5% 11/1/35 | 1,000,000 | 1,118,829 | |
| 5% 11/1/36 | 1,250,000 | 1,394,133 | |
| 5% 11/1/37 | 1,500,000 | 1,670,945 | |
| 5% 11/1/38 | 1,595,000 | 1,773,462 | |
| (Detroit Wtr. And Sewerage Dept. Sewage Disp. Sys. Rev. And Rev. Rfdg. Local Proj. Bonds): | |||
| Series 2014 C, 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) | 1,850,000 | 1,943,809 | |
| Series 2014 C3, 5% 7/1/30 (Assured Guaranty Muni. Corp. Insured) | 6,000,000 | 6,243,618 | |
| (Detroit Wtr. And Sewerage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj. Bonds) Series 2015, 5% 7/1/30 | 10,000 | 10,539 | |
| (Holland Cmnty. Hosp. Proj.) Series 2013 A: | |||
| 5% 1/1/33 | 1,250,000 | 1,268,766 | |
| 5% 1/1/40 | 3,000,000 | 3,045,038 | |
| (Kalamazoo College Proj.) Series 2018: | |||
| 4% 12/1/36 | 790,000 | 776,617 | |
| 4% 12/1/47 | 2,610,000 | 2,411,423 | |
| (Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,034,717 | |
| (Trinity Health Proj.) Series 2017: | |||
| 5% 12/1/30 | 710,000 | 781,665 | |
| 5% 12/1/37 | 3,270,000 | 3,470,435 | |
| 5% 12/1/42 | 2,120,000 | 2,228,573 | |
| Bonds: | |||
| Series 2015 D2, 1.2%, tender 4/13/28 (c) | 3,000,000 | 2,686,144 | |
| Series 2016 E1, 4%, tender 8/15/24 (c) | 1,355,000 | 1,400,159 | |
| Series 2012: | |||
| 5% 11/15/24 | 660,000 | 667,439 | |
| 5% 11/15/26 | 800,000 | 808,783 | |
| 5% 11/1/42 (Pre-Refunded to 11/1/22 @ 100) | 2,000,000 | 2,022,980 | |
| Series 2013, 5% 8/15/30 (Pre-Refunded to 8/15/23 @ 100) | 4,105,000 | 4,251,689 | |
| Series 2014 H1: | |||
| 5% 10/1/25 | 2,250,000 | 2,372,249 | |
| 5% 10/1/39 | 4,725,000 | 4,911,465 | |
| Series 2015 C: | |||
| 5% 7/1/26 | 570,000 | 606,573 | |
| 5% 7/1/27 | 1,465,000 | 1,555,101 | |
| 5% 7/1/28 | 1,500,000 | 1,586,071 | |
| 5% 7/1/35 | 2,100,000 | 2,194,777 | |
| Series 2015 D1: | |||
| 5% 7/1/34 | 1,250,000 | 1,309,678 | |
| 5% 7/1/35 | 505,000 | 528,523 | |
| Series 2015 D2, 5% 7/1/34 | 1,000,000 | 1,046,291 | |
| Series 2016 A, 5% 11/1/44 | 4,190,000 | 4,378,792 | |
| Series 2016: | |||
| 5% 11/15/28 | 2,655,000 | 2,852,192 | |
| 5% 1/1/29 | 1,000,000 | 1,054,799 | |
| 5% 11/15/29 | 2,950,000 | 3,154,453 | |
| 5% 1/1/30 | 1,000,000 | 1,050,150 | |
| 5% 1/1/31 | 1,170,000 | 1,223,619 | |
| 5% 1/1/32 | 1,895,000 | 1,971,628 | |
| 5% 1/1/33 | 1,915,000 | 1,988,961 | |
| 5% 1/1/34 | 2,135,000 | 2,210,800 | |
| 5% 11/15/34 | 1,135,000 | 1,191,091 | |
| 5% 11/15/41 | 11,710,000 | 12,199,869 | |
| Series 2019 A: | |||
| 4% 12/1/49 | 7,000,000 | 6,511,779 | |
| 4% 2/15/50 | 4,000,000 | 3,742,460 | |
| 5% 11/15/48 | 9,865,000 | 10,193,702 | |
| 5% 5/15/54 | 1,000,000 | 1,026,780 | |
| Series 2019 MI1, 5% 12/1/48 | 2,000,000 | 2,098,044 | |
| Series 2020 A: | |||
| 4% 6/1/35 | 2,000,000 | 1,973,093 | |
| 4% 6/1/37 | 2,000,000 | 1,954,170 | |
| 4% 6/1/40 | 2,000,000 | 1,934,656 | |
| 4% 6/1/49 | 4,250,000 | 3,796,564 | |
| Series 2020: | |||
| 4% 11/1/55 | 2,500,000 | 2,298,474 | |
| 5% 6/1/40 | 3,000,000 | 3,160,699 | |
| Series 2021, 5% 9/1/38 | 1,270,000 | 1,370,484 | |
| Series 2022: | |||
| 4% 2/1/27 | 185,000 | 188,561 | |
| 4% 2/1/32 | 285,000 | 281,711 | |
| 4% 2/1/42 | 745,000 | 669,171 | |
| 4% 4/15/42 | 2,000,000 | 1,976,154 | |
| 4% 12/1/46 | 1,725,000 | 1,526,576 | |
| 4% 12/1/51 | 1,100,000 | 950,151 | |
| Michigan Gen. Oblig. Series 2020 A, 4% 5/15/40 | 500,000 | 501,018 | |
| Michigan Hosp. Fin. Auth. Rev.: | |||
| Series 2010 F, 4% 11/15/47 | 290,000 | 279,298 | |
| Series 2010 F4, 5% 11/15/47 | 5,050,000 | 5,349,558 | |
| Series 2016: | |||
| 5% 11/15/46 | 3,500,000 | 3,696,662 | |
| 5% 11/15/47 | 18,000,000 | 18,986,628 | |
| Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2020 A1, 0.65% 10/1/24 | 460,000 | 441,307 | |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | |||
| Series 2019 B, 3.75% 6/1/50 | 3,000,000 | 3,022,496 | |
| Series 2020 C, 3% 6/1/51 | 3,320,000 | 3,255,760 | |
| Series 2021 A, 3% 6/1/52 | 3,430,000 | 3,346,499 | |
| Series 2022 A, 5% 6/1/53 | 2,500,000 | 2,647,859 | |
| Series A: | |||
| 3.5% 12/1/50 | 2,625,000 | 2,621,384 | |
| 4% 12/1/48 | 1,185,000 | 1,202,818 | |
| Series C, 4.25% 6/1/49 | 2,615,000 | 2,666,972 | |
| Michigan State Hsg. Dev. Auth. Series 2021 A, 0.55% 4/1/25 | 2,750,000 | 2,595,215 | |
| Michigan State Univ. Revs.: | |||
| Series 2019 B, 5% 2/15/48 | 3,000,000 | 3,201,234 | |
| Series 2019 C, 4% 2/15/44 | 1,500,000 | 1,466,238 | |
| Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
| (I-75 Impt. Proj.): | |||
| Series 2017, 5% 6/30/25 (a) | 1,100,000 | 1,144,531 | |
| Series 2018: | |||
| 4.25% 12/31/38 (Assured Guaranty Muni. Corp. Insured) (a) | 840,000 | 804,349 | |
| 5% 12/31/25 (a) | 1,260,000 | 1,316,769 | |
| 5% 12/31/26 (a) | 425,000 | 446,984 | |
| 5% 6/30/29 (a) | 35,000 | 36,602 | |
| (The Detroit Edison Co. Exempt Facilities Proj.) Series 2008 ET2, 1.35% 8/1/29 | 2,000,000 | 1,698,862 | |
| (The Detroit Edison Co. Poll. Cont. Bonds Proj.) Series 1995 CC, 1.45% 9/1/30 | 2,000,000 | 1,679,915 | |
| Bonds: | |||
| (Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(c) | 6,000,000 | 5,803,105 | |
| (Graphic Packaging Int'l., LLC Coated Recycled Board Machine Proj.) Series 2021, 4%, tender 10/1/26 (a)(c) | 5,000,000 | 4,947,895 | |
| Series 2020: | |||
| 4% 5/15/27 | 715,000 | 695,256 | |
| 5% 5/15/44 | 1,500,000 | 1,416,104 | |
| Michigan Technological Univ. Series 2021, 4% 10/1/46 | 2,835,000 | 2,759,543 | |
| Northern Michigan Univ. Revs. Series 2021: | |||
| 4% 6/1/39 | 900,000 | 916,988 | |
| 4% 6/1/40 | 500,000 | 506,386 | |
| 4% 6/1/41 | 1,385,000 | 1,394,752 | |
| 4% 6/1/46 | 1,850,000 | 1,809,413 | |
| 5% 6/1/32 | 375,000 | 429,278 | |
| 5% 6/1/33 | 365,000 | 414,939 | |
| 5% 6/1/34 | 375,000 | 425,211 | |
| 5% 6/1/35 | 375,000 | 423,957 | |
| 5% 6/1/36 | 400,000 | 451,718 | |
| 5% 6/1/37 | 675,000 | 759,769 | |
| Novi Cmnty. School District Series I: | |||
| 5% 5/1/43 | 1,150,000 | 1,251,344 | |
| 5% 5/1/44 | 1,175,000 | 1,276,319 | |
| Oakland Macomb Intercepto Series 2020 A, 5% 7/1/29 | 1,500,000 | 1,715,596 | |
| Oakland Univ. Rev.: | |||
| Series 2013 A: | |||
| 5% 3/1/25 | 995,000 | 1,012,504 | |
| 5% 3/1/27 | 815,000 | 829,338 | |
| 5% 3/1/38 | 2,900,000 | 2,951,017 | |
| Series 2014: | |||
| 5% 3/1/28 | 335,000 | 349,376 | |
| 5% 3/1/29 | 525,000 | 546,484 | |
| 5% 3/1/39 | 3,000,000 | 3,094,595 | |
| Series 2016: | |||
| 5% 3/1/28 | 1,150,000 | 1,243,029 | |
| 5% 3/1/41 | 3,475,000 | 3,687,555 | |
| Series 2022 B: | |||
| 5% 3/1/36 (b) | 1,135,000 | 1,219,541 | |
| 5% 3/1/37 (b) | 1,265,000 | 1,355,053 | |
| Portage Pub. Schools: | |||
| Series 2016: | |||
| 5% 11/1/32 | 2,500,000 | 2,724,472 | |
| 5% 11/1/34 | 1,250,000 | 1,360,331 | |
| 5% 11/1/35 | 1,300,000 | 1,413,261 | |
| 5% 11/1/39 | 755,000 | 817,057 | |
| Series 2019, 4% 11/1/38 | 2,000,000 | 2,018,756 | |
| Series 2021, 4% 11/1/42 | 1,000,000 | 993,864 | |
| Ravenna Pub. Schools Gen. Oblig. Series 2021, 4% 5/1/51 | 2,140,000 | 2,065,135 | |
| Rochester Cmnty. School District Series I, 5% 5/1/31 | 1,500,000 | 1,638,119 | |
| Rockford Pub. Schools Gen. Oblig. Series 2019 I: | |||
| 5% 5/1/42 | 3,050,000 | 3,360,743 | |
| 5% 5/1/44 | 3,100,000 | 3,411,761 | |
| Roseville Cmnty. Schools: | |||
| Series 2014, 5% 5/1/24 | 780,000 | 820,459 | |
| Series 2015, 5% 5/1/24 | 570,000 | 599,566 | |
| Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | |||
| 5% 9/1/26 (Pre-Refunded to 3/1/24 @ 100) | 1,000,000 | 1,049,923 | |
| 5% 9/1/27 (Pre-Refunded to 3/1/24 @ 100) | 1,175,000 | 1,233,659 | |
| 5% 9/1/28 (Pre-Refunded to 3/1/24 @ 100) | 1,870,000 | 1,963,355 | |
| Saginaw City School District Series 2021, 4% 5/1/47 | 3,000,000 | 2,929,363 | |
| Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J: | |||
| 4% 7/1/36 | 770,000 | 768,085 | |
| 4% 7/1/37 | 820,000 | 816,659 | |
| 4% 7/1/39 | 1,430,000 | 1,416,354 | |
| 4% 7/1/40 | 490,000 | 483,253 | |
| Walled Lake Consolidated School District: | |||
| Series 2020, 5% 5/1/36 | 1,050,000 | 1,187,648 | |
| Series 2022, 5% 5/1/47 | 1,500,000 | 1,654,275 | |
| Warren Consolidated School District: | |||
| Series 2016: | |||
| 5% 5/1/34 | 5,630,000 | 6,146,254 | |
| 5% 5/1/35 | 1,250,000 | 1,362,712 | |
| Series 2017: | |||
| 4% 5/1/24 (Assured Guaranty Muni. Corp. Insured) | 750,000 | 773,793 | |
| 4% 5/1/25 (Assured Guaranty Muni. Corp. Insured) | 500,000 | 521,319 | |
| Series 2018: | |||
| 5% 5/1/30 | 550,000 | 607,998 | |
| 5% 5/1/32 | 1,100,000 | 1,208,013 | |
| 5% 5/1/34 | 1,175,000 | 1,281,095 | |
| 5% 5/1/35 | 1,200,000 | 1,302,338 | |
| 5% 5/1/36 | 1,000,000 | 1,081,123 | |
| 5% 5/1/37 | 1,300,000 | 1,402,809 | |
| 5% 5/1/38 | 800,000 | 861,777 | |
| Wayne County Arpt. Auth. Rev.: | |||
| Series 2012 B, 5% 12/1/32 (a) | 1,500,000 | 1,512,894 | |
| Series 2014 C: | |||
| 5% 12/1/29 (a) | 720,000 | 751,726 | |
| 5% 12/1/31 (a) | 860,000 | 894,976 | |
| 5% 12/1/34 (a) | 1,655,000 | 1,713,257 | |
| Series 2015 D, 5% 12/1/40 (Assured Guaranty Muni. Corp. Insured) | 8,165,000 | 8,499,045 | |
| Series 2015 G: | |||
| 5% 12/1/35 | 5,435,000 | 5,682,173 | |
| 5% 12/1/36 | 5,760,000 | 6,016,625 | |
| Series 2017 A: | |||
| 5% 12/1/37 | 545,000 | 575,129 | |
| 5% 12/1/42 | 1,455,000 | 1,533,138 | |
| Series 2017 B, 5% 12/1/47 (a) | 450,000 | 464,844 | |
| Series 2018 B, 5% 12/1/48 (a) | 5,000,000 | 5,188,078 | |
| Series 2018 D: | |||
| 5% 12/1/30 (a) | 4,365,000 | 4,733,821 | |
| 5% 12/1/31 (a) | 2,825,000 | 3,051,387 | |
| 5% 12/1/32 (a) | 2,945,000 | 3,162,752 | |
| Series 2021 A: | |||
| 5% 12/1/36 | 1,000,000 | 1,096,842 | |
| 5% 12/1/37 | 1,500,000 | 1,640,381 | |
| 5% 12/1/38 | 1,250,000 | 1,363,463 | |
| 5% 12/1/39 | 1,500,000 | 1,632,718 | |
| Series 2021 B: | |||
| 5% 12/1/35 (a) | 1,225,000 | 1,326,303 | |
| 5% 12/1/37 (a) | 1,520,000 | 1,633,623 | |
| 5% 12/1/46 (a) | 1,280,000 | 1,344,086 | |
| Wayne State Univ. Revs. Series 2019 A: | |||
| 4% 11/15/38 | 1,000,000 | 979,879 | |
| 4% 11/15/39 | 800,000 | 776,696 | |
| Western Michigan Univ. Rev.: | |||
| Series 2014: | |||
| 5% 11/15/25 | 320,000 | 339,775 | |
| 5% 11/15/26 | 400,000 | 424,339 | |
| 5% 11/15/28 | 650,000 | 687,090 | |
| 5% 11/15/29 | 750,000 | 792,088 | |
| 5% 11/15/30 | 855,000 | 901,772 | |
| 5% 11/15/31 | 700,000 | 736,648 | |
| Series 2015 A: | |||
| 5% 11/15/26 | 1,000,000 | 1,071,675 | |
| 5% 11/15/28 | 2,505,000 | 2,669,506 | |
| Series 2019 A, 5% 11/15/44 | 2,000,000 | 2,190,583 | |
| Series 2021 A: | |||
| 5% 11/15/27 (Assured Guaranty Muni. Corp. Insured) | 300,000 | 336,277 | |
| 5% 11/15/30 (Assured Guaranty Muni. Corp. Insured) | 200,000 | 230,627 | |
| 5% 11/15/31 (Assured Guaranty Muni. Corp. Insured) | 150,000 | 172,737 | |
| 5% 11/15/32 (Assured Guaranty Muni. Corp. Insured) | 300,000 | 344,101 | |
| 5% 11/15/34 (Assured Guaranty Muni. Corp. Insured) | 400,000 | 456,162 | |
| 5% 11/15/36 (Assured Guaranty Muni. Corp. Insured) | 400,000 | 453,643 | |
| 5% 11/15/38 (Assured Guaranty Muni. Corp. Insured) | 625,000 | 705,492 | |
| 5% 11/15/40 (Assured Guaranty Muni. Corp. Insured) | 635,000 | 712,713 | |
| 5% 11/15/41 (Assured Guaranty Muni. Corp. Insured) | 345,000 | 386,486 | |
| 5% 11/15/51 (Assured Guaranty Muni. Corp. Insured) | 5,000,000 | 5,520,145 | |
| 5% 11/15/53 (Assured Guaranty Muni. Corp. Insured) | 4,100,000 | 4,515,885 | |
| Ypsilanti School District Series A: | |||
| 5% 5/1/29 | 1,305,000 | 1,426,660 | |
| 5% 5/1/30 | 1,550,000 | 1,692,722 | |
| 5% 5/1/32 | 2,000,000 | 2,183,394 | |
| Zeeland Pub. Schools Series A, 5% 5/1/27 | 1,000,000 | 1,071,732 | |
| TOTAL MICHIGAN | 560,461,578 | ||
| Puerto Rico - 1.0% | |||
| Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
| 0% 7/1/33 | 1,643,730 | 923,258 | |
| 5.625% 7/1/27 | 195,000 | 207,434 | |
| 5.625% 7/1/29 | 595,000 | 638,886 | |
| 5.75% 7/1/31 | 1,410,000 | 1,539,811 | |
| Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 | 1,340,000 | 1,474,442 | |
| Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021: | |||
| 4% 7/1/36 | 195,000 | 180,039 | |
| 5% 7/1/30 | 485,000 | 535,469 | |
| 5% 7/1/32 | 360,000 | 395,521 | |
| TOTAL PUERTO RICO | 5,894,860 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $598,869,999) | 568,418,427 | ||
| TOTAL INVESTMENT IN SECURITIES - 98.3% | |||
| (Cost $598,869,999) | 568,418,427 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.7% | 9,917,358 | ||
| NET ASSETS - 100% | $578,335,785 |
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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Municipal Securities | $568,418,427 | $-- | $568,418,427 | $-- |
| Total Investments in Securities: | $568,418,427 | $-- | $568,418,427 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| General Obligations | 24.2% |
| Health Care | 23.8% |
| Education | 13.5% |
| Water & Sewer | 10.1% |
| Transportation | 10.0% |
| Special Tax | 5.9% |
| Others* (Individually Less Than 5%) | 12.5% |
| 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, 2022 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $598,869,999) | $568,418,427 | |
| Cash | 8,906,800 | |
| Receivable for fund shares sold | 493,275 | |
| Interest receivable | 5,960,158 | |
| Other receivables | 1,420 | |
| Total assets | 583,780,080 | |
| Liabilities | ||
| Payable for investments purchased on a delayed delivery basis | $3,739,835 | |
| Payable for fund shares redeemed | 1,129,440 | |
| Distributions payable | 318,708 | |
| Accrued management fee | 169,144 | |
| Other affiliated payables | 63,683 | |
| Other payables and accrued expenses | 23,485 | |
| Total liabilities | 5,444,295 | |
| Net Assets | $578,335,785 | |
| Net Assets consist of: | ||
| Paid in capital | $609,864,360 | |
| Total accumulated earnings (loss) | (31,528,575) | |
| Net Assets | $578,335,785 | |
| Net Asset Value, offering price and redemption price per share ($578,335,785 ÷ 50,934,652 shares) | $11.35 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2022 (Unaudited) | ||
| Investment Income | ||
| Interest | $8,561,500 | |
| Expenses | ||
| Management fee | $1,122,176 | |
| Transfer agent fees | 336,802 | |
| Accounting fees and expenses | 76,152 | |
| Custodian fees and expenses | 4,978 | |
| Independent trustees' fees and expenses | 1,016 | |
| Registration fees | 19,196 | |
| Audit | 24,488 | |
| Legal | 8,250 | |
| Miscellaneous | 1,315 | |
| Total expenses before reductions | 1,594,373 | |
| Expense reductions | (10,607) | |
| Total expenses after reductions | 1,583,766 | |
| Net investment income (loss) | 6,977,734 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (1,068,098) | |
| Total net realized gain (loss) | (1,068,098) | |
| Change in net unrealized appreciation (depreciation) on investment securities | (69,442,325) | |
| Net gain (loss) | (70,510,423) | |
| Net increase (decrease) in net assets resulting from operations | $(63,532,689) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $6,977,734 | $15,137,759 |
| Net realized gain (loss) | (1,068,098) | 4,360,076 |
| Change in net unrealized appreciation (depreciation) | (69,442,325) | (8,677,684) |
| Net increase (decrease) in net assets resulting from operations | (63,532,689) | 10,820,151 |
| Distributions to shareholders | (7,717,256) | (18,599,520) |
| Share transactions | ||
| Proceeds from sales of shares | 50,287,953 | 98,407,493 |
| Reinvestment of distributions | 5,407,418 | 12,950,242 |
| Cost of shares redeemed | (137,711,670) | (88,383,573) |
| Net increase (decrease) in net assets resulting from share transactions | (82,016,299) | 22,974,162 |
| Total increase (decrease) in net assets | (153,266,244) | 15,194,793 |
| Net Assets | ||
| Beginning of period | 731,602,029 | 716,407,236 |
| End of period | $578,335,785 | $731,602,029 |
| Other Information | ||
| Shares | ||
| Sold | 4,294,523 | 7,722,513 |
| Issued in reinvestment of distributions | 456,951 | 1,018,827 |
| Redeemed | (11,704,183) | (6,946,787) |
| Net increase (decrease) | (6,952,709) | 1,794,553 |
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, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $12.64 | $12.77 | $12.47 | $11.97 | $12.22 | $11.94 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .128 | .265 | .283 | .309 | .319 | .333 |
| Net realized and unrealized gain (loss) | (1.277) | (.070) | .347 | .541 | (.216) | .324 |
| Total from investment operations | (1.149) | .195 | .630 | .850 | .103 | .657 |
| Distributions from net investment income | (.128) | (.265) | (.284) | (.310) | (.318) | (.333) |
| Distributions from net realized gain | (.013) | (.060) | (.046) | (.040) | (.035) | (.044) |
| Total distributions | (.141) | (.325) | (.330) | (.350) | (.353) | (.377) |
| Net asset value, end of period | $11.35 | $12.64 | $12.77 | $12.47 | $11.97 | $12.22 |
| Total ReturnC,D | (9.13)% | 1.54% | 5.11% | 7.16% | .90% | 5.57% |
| Ratios to Average Net AssetsB,E,F | ||||||
| Expenses before reductions | .50%G | .48% | .48% | .48% | .49% | .49% |
| Expenses net of fee waivers, if any | .50%G | .48% | .48% | .48% | .48% | .48% |
| Expenses net of all reductions | .49%G | .48% | .48% | .48% | .48% | .48% |
| Net investment income (loss) | 2.18%G | 2.08% | 2.25% | 2.50% | 2.67% | 2.74% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $578,336 | $731,602 | $716,407 | $673,051 | $597,684 | $680,383 |
| Portfolio turnover rateH | 8%G | 13% | 13% | 14% | 22% | 12% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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
| Days | % of fund's investments 6/30/22 |
| 1 - 7 | 91.2 |
| 31 - 60 | 2.5 |
| 91 - 180 | 0.4 |
| > 180 | 5.9 |
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, 2022 | ||
| Variable Rate Demand Notes (VRDNs) | 36.8% | |
| Tender Option Bond | 39.8% | |
| Other Municipal Security | 9.9% | |
| Investment Companies | 13.5% | |
Current 7-Day Yields
| 6/30/22 | |
| Fidelity® Michigan Municipal Money Market Fund | 0.46% |
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, 2022 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 36.8% | |||
| Principal Amount | Value | ||
| Alabama - 0.7% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.19% 7/7/22, VRDN (a)(b) | $1,100,000 | $1,100,000 | |
| West Jefferson Indl. Dev. Series 2008, 1.1% 7/7/22, VRDN (b) | 200,000 | 200,000 | |
| 1,300,000 | |||
| Kansas - 0.3% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 1.05% 7/7/22, VRDN (b) | 400,000 | 400,000 | |
| Series 2007 B, 1.05% 7/7/22, VRDN (b) | 100,000 | 100,000 | |
| 500,000 | |||
| Michigan - 35.0% | |||
| Central Michigan Univ. Rev. Series 2008 A, 0.91% 7/7/22, LOC TD Banknorth, NA, VRDN (b) | 2,000,000 | 2,000,000 | |
| Grand Valley Michigan State Univ. Rev. Series 2008 B, 0.91% 7/7/22, LOC TD Banknorth, NA, VRDN (b) | 2,150,000 | 2,150,000 | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 B3, 0.95% 7/7/22 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) | 400,000 | 400,000 | |
| Lakeview School District Calhoun County Series B, 0.91% 7/7/22 (Michigan Gen. Oblig. Guaranteed), LOC TD Banknorth, NA, VRDN (b) | 2,605,000 | 2,605,000 | |
| Michigan Fin. Auth. Rev.: | |||
| (Hosp. Proj.) Series 2016 E2, 0.96% 7/7/22, VRDN (b) | 1,970,000 | 1,970,000 | |
| Series 2016 E3, 0.85% 7/7/22, VRDN (b) | 400,000 | 400,000 | |
| Michigan Hsg. Dev. Auth. Rental Hsg. Rev.: | |||
| Series 2002 A, 0.97% 7/7/22, LOC Bank of America NA, VRDN (a)(b) | 4,500,000 | 4,500,000 | |
| Series 2008 A, 0.93% 7/7/22, LOC Barclays Bank PLC, VRDN (a)(b) | 4,495,000 | 4,495,000 | |
| Series 2018 C, 0.98% 7/7/22, LOC Bank of America NA, VRDN (a)(b) | 10,315,000 | 10,315,000 | |
| Michigan State Univ. Revs. Series 2000 A: | |||
| 0.93% 7/7/22 (Liquidity Facility Northern Trust Co.), VRDN (b) | 3,005,000 | 3,005,000 | |
| 0.93% 7/7/22 (Liquidity Facility PNC Bank NA), VRDN (b) | 2,125,000 | 2,125,000 | |
| Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
| (Henry Ford Museum & Greenfield Village Proj.) Series 2002, 0.7% 7/1/22, LOC Comerica Bank, VRDN (b) | 3,240,000 | 3,240,000 | |
| (The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 0.95% 7/7/22, LOC Bank of Nova Scotia, VRDN (b) | 10,660,000 | 10,660,000 | |
| FHLMC Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 0.93% 7/7/22, LOC Fed. Home Ln. Bank Chicago, VRDN (b) | 17,465,000 | 17,465,000 | |
| 65,330,000 | |||
| Nebraska - 0.8% | |||
| Stanton County Indl. Dev. Rev.: | |||
| (Nucor Corp. Proj.) Series 1996, 1.19% 7/7/22, VRDN (a)(b) | 500,000 | 500,000 | |
| Series 1998, 1.19% 7/7/22, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
| 1,500,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $68,630,000) | 68,630,000 | ||
| Tender Option Bond - 39.8% | |||
| Colorado - 0.0% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Connecticut - 0.3% | |||
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 400,000 | 400,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| 600,000 | |||
| Florida - 0.4% | |||
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XF 11 01, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 700,000 | 700,000 | |
| 800,000 | |||
| Kentucky - 0.0% | |||
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Maryland - 0.0% | |||
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.11%, tender 1/3/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Michigan - 38.6% | |||
| Clarkston Cmnty. Schools Participating VRDN Series Floaters G72, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 2,695,000 | 2,695,000 | |
| Detroit Downtown Dev. Auth. Tax Participating VRDN Series Floaters XX 11 01, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 8,000,000 | 8,000,000 | |
| Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 009, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 9,300,000 | 9,300,000 | |
| Grand Rapids San. Swr. Sys. Rev. Participating VRDN Series Floaters XF 26 12, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) | 4,000,000 | 4,000,000 | |
| Grand Traverse County Hosp. Fin. Auth. Participating VRDN Series 2021 XG 03 19, 0.99% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 2,100,000 | 2,100,000 | |
| Mclaren Health Care Corp. Participating VRDN Series XL 02 71, 1.01% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) | 1,900,000 | 1,900,000 | |
| Michigan Bldg. Auth. Rev. Participating VRDN: | |||
| Series 2021 XF 11 15, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 5,385,000 | 5,385,000 | |
| Series Floaters XF 26 09, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) | 800,000 | 800,000 | |
| Series Floaters XM 04 65, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) | 700,000 | 700,000 | |
| Series Floaters XM 07 43, 0.94% 7/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 500,000 | 500,000 | |
| Michigan Fin. Auth. Rev. Participating VRDN: | |||
| Series 15 XF0126, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 2,360,000 | 2,360,000 | |
| Series Floaters ZF 07 84, 1.01% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 2,000,000 | 2,000,000 | |
| Series Floaters ZF 07 90, 1.01% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 2,100,000 | 2,100,000 | |
| Series Floaters ZF 07 96, 1.01% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 2,100,000 | 2,100,000 | |
| Series Floaters ZF 28 25, 0.99% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 2,500,000 | 2,500,000 | |
| Series XF 28 61, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) | 800,000 | 800,000 | |
| Series XM 02 23, 0.95% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 4,800,000 | 4,800,000 | |
| Series XM 04 72, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) | 1,450,000 | 1,450,000 | |
| Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series YZ 11 94, 0.94% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 1,800,000 | 1,800,000 | |
| Michigan State Univ. Revs. Participating VRDN Series Floaters ZF 07 50, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) | 1,915,000 | 1,915,000 | |
| Monroe Mich Pub. Schools Participating VRDN Series XL 01 46, 1.03% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 2,200,000 | 2,200,000 | |
| Trenton Pub. Schools School District Participating VRDN Series Floaters CTFS G 102, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 3,100,000 | 3,100,000 | |
| Univ. of Michigan Rev. Participating VRDN: | |||
| Series 15 XF2199, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) | 2,589,000 | 2,589,000 | |
| Series 15 XF2205, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 2,400,000 | 2,400,000 | |
| Series Floaters XF 25 48, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 500,000 | 500,000 | |
| Series Floaters ZF 05 90, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 4,100,000 | 4,100,000 | |
| 72,094,000 | |||
| New York - 0.1% | |||
| New York City Gen. Oblig. Participating VRDN Series 2020 003, 1.06% 8/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 100,000 | 100,000 | |
| Ohio - 0.1% | |||
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| South Carolina - 0.1% | |||
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Tennessee - 0.1% | |||
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) | 100,000 | 100,000 | |
| Virginia - 0.1% | |||
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) | 100,000 | 100,000 | |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| 200,000 | |||
| TOTAL TENDER OPTION BOND | |||
| (Cost $74,394,000) | 74,394,000 | ||
| Other Municipal Security - 9.9% | |||
| Michigan - 9.9% | |||
| Detroit Swr. Disp. Rev. Bonds Series 2012 A, 5.25% | 1,160,000 | 1,160,000 | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.16%, tender 1/24/23 (b)(f) | 8,915,000 | 8,915,000 | |
| Michigan Bldg. Auth. Rev. Series 2022 8, 1.3% 8/25/22, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 1,900,000 | 1,900,000 | |
| Michigan Fin. Auth. Rev. Bonds Series 2014 C2, 5% (a) | 2,220,000 | 2,220,000 | |
| Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (b) | 2,000,000 | 2,007,777 | |
| Michigan State Univ. Revs. Bonds Series 2019 C, 5% 8/15/22 | 2,230,000 | 2,239,776 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $18,442,553) | 18,442,553 | ||
| Shares | Value | ||
| Investment Company - 13.5% | |||
| Fidelity Municipal Cash Central Fund 0.88%(g)(h) | |||
| (Cost $25,223,727) | 25,219,375 | 25,223,727 | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
| (Cost $186,690,280) | 186,690,280 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.0% | (26,268) | ||
| NET ASSETS - 100% | $186,664,012 |
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) Restricted securities (including private placements) - 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 $900,000 or 0.5% of net assets.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.11%, tender 1/3/23 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $100,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $200,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) | 5/3/21 | $100,000 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) | 2/1/21 | $100,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Municipal Cash Central Fund 0.88% | $21,013,810 | $48,996,999 | $44,788,000 | $36,402 | $918 | $-- | $25,223,727 | 1.7% |
| Total | $21,013,810 | $48,996,999 | $44,788,000 | $36,402 | $918 | $-- | $25,223,727 |
Amounts in the income column in the above table include 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.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Variable Rate Demand Note | $68,630,000 | $-- | $68,630,000 | $-- |
| Tender Option Bond | 74,394,000 | -- | 74,394,000 | -- |
| Other Municipal Security | 18,442,553 | -- | 18,442,553 | -- |
| Investment Company | 25,223,727 | 25,223,727 | -- | -- |
| Total Investments in Securities: | $186,690,280 | $25,223,727 | $161,466,553 | $-- |
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, 2022 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $161,466,553) | $161,466,553 | |
| Fidelity Central Funds (cost $25,223,727) | 25,223,727 | |
| Total Investment in Securities (cost $186,690,280) | $186,690,280 | |
| Receivable for fund shares sold | 159,356 | |
| Interest receivable | 330,671 | |
| Distributions receivable from Fidelity Central Funds | 16,592 | |
| Receivable from investment adviser for expense reductions | 10 | |
| Other receivables | 15 | |
| Total assets | 187,196,924 | |
| Liabilities | ||
| Payable to custodian bank | $401,089 | |
| Payable for fund shares redeemed | 28,261 | |
| Distributions payable | 5,291 | |
| Accrued management fee | 54,571 | |
| Other affiliated payables | 27,061 | |
| Other payables and accrued expenses | 16,639 | |
| Total liabilities | 532,912 | |
| Net Assets | $186,664,012 | |
| Net Assets consist of: | ||
| Paid in capital | $186,682,978 | |
| Total accumulated earnings (loss) | (18,966) | |
| Net Assets | $186,664,012 | |
| Net Asset Value, offering price and redemption price per share ($186,664,012 ÷ 186,382,810 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2022 (Unaudited) | ||
| Investment Income | ||
| Interest | $417,021 | |
| Income from Fidelity Central Funds | 36,402 | |
| Total income | 453,423 | |
| Expenses | ||
| Management fee | $338,988 | |
| Transfer agent fees | 153,793 | |
| Accounting fees and expenses | 15,225 | |
| Custodian fees and expenses | 1,271 | |
| Independent trustees' fees and expenses | 299 | |
| Registration fees | 15,954 | |
| Audit | 17,615 | |
| Legal | 2,301 | |
| Miscellaneous | 213 | |
| Total expenses before reductions | 545,659 | |
| Expense reductions | (184,720) | |
| Total expenses after reductions | 360,939 | |
| Net investment income (loss) | 92,484 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (18,293) | |
| Fidelity Central Funds | 918 | |
| Total net realized gain (loss) | (17,375) | |
| Net increase in net assets resulting from operations | $75,109 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $92,484 | $21,052 |
| Net realized gain (loss) | (17,375) | 23,323 |
| Net increase in net assets resulting from operations | 75,109 | 44,375 |
| Distributions to shareholders | (92,357) | (105,307) |
| Share transactions | ||
| Proceeds from sales of shares | 10,016,495 | 25,122,420 |
| Reinvestment of distributions | 82,605 | 99,870 |
| Cost of shares redeemed | (24,770,263) | (38,896,191) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (14,671,163) | (13,673,901) |
| Total increase (decrease) in net assets | (14,688,411) | (13,734,833) |
| Net Assets | ||
| Beginning of period | 201,352,423 | 215,087,256 |
| End of period | $186,664,012 | $201,352,423 |
| Other Information | ||
| Shares | ||
| Sold | 10,016,495 | 25,122,420 |
| Issued in reinvestment of distributions | 82,605 | 99,870 |
| Redeemed | (24,770,263) | (38,896,191) |
| Net increase (decrease) | (14,671,163) | (13,673,901) |
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, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| 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)A | –B | –B | .003 | .010 | .009 | .004 |
| Net realized and unrealized gain (loss) | –B | –B | –B | –B | .001 | –B |
| Total from investment operations | –B | –B | .003 | .010 | .010 | .004 |
| Distributions from net investment income | –B | –B | (.003) | (.010) | (.009) | (.004) |
| Distributions from net realized gain | – | –B | –B | –B | (.001) | –B |
| Total distributions | –B | –B | (.003) | (.010) | (.010) | (.004) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC,D | .05% | .05% | .34% | .98% | 1.01% | .37% |
| Ratios to Average Net AssetsA,E,F | ||||||
| Expenses before reductions | .56%G | .55% | .55% | .55% | .55% | .53% |
| Expenses net of fee waivers, if any | .37%G | .09% | .32% | .55% | .55% | .53% |
| Expenses net of all reductions | .37%G | .09% | .32% | .55% | .55% | .53% |
| Net investment income (loss) | .10%G | .01% | .34% | .98% | .90% | .35% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $186,664 | $201,352 | $215,087 | $253,138 | $310,652 | $420,820 |
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
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, 2022
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.
Effective after the close of business on July 15, 2022, Fidelity Michigan Municipal Money Market Fund was closed to new accounts with certain exceptions.
2. Investments in Fidelity Central Funds.
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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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. The aggregate value of investments by input level as of June 30, 2022 is included at the end of each Fund's Schedule of Investments.
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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 the short-term gain distributions from the Fidelity Central Funds.
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 | $598,869,915 | $2,302,889 | $(32,754,377) | $(30,451,488) |
| Fidelity Michigan Municipal Money Market Fund | 186,690,280 | – | – | – |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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 (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Michigan Municipal Income Fund | 25,397,437 | 100,661,608 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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% | .35% |
| Fidelity Michigan Municipal Money Market Fund | .25% | .10% | .35% |
During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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 | .11% |
| Fidelity Michigan Municipal Money Market Fund | .16% |
During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting 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. 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, any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Michigan Municipal Income Fund | – | – | – |
| Fidelity Michigan Municipal Money Market Fund | 3,220,000 | 4,900,000 | – |
6. Committed Line of Credit.
Certain Funds participate 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 listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Michigan Municipal Income Fund | $588 |
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse expenses of 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.
Michigan Municipal Money Market Fund was in reimbursement during the period:
| Expense Limitations | Reimbursement | |
| Fidelity Michigan Municipal Money Market Fund | .55% | $13,007 |
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $170,048.
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.
| Custodian credits | |
| Fidelity Michigan Municipal Income Fund | $4,978 |
| Fidelity Michigan Municipal Money Market Fund | 60 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| Amount | |
| Fidelity Michigan Municipal Income Fund | $5,629 |
| Fidelity Michigan Municipal Money Market Fund | 1,605 |
8. Other.
A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
10. Proposed Reorganization.
The Board of Trustees of Fidelity Michigan Municipal Money Market Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Michigan Municipal Money Market Fund and Fidelity Municipal Money Market Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Michigan Municipal Money Market Fund in exchange for shares of Fidelity Municipal Money Market Fund equal in value to the net assets of Fidelity Michigan Municipal Money Market Fund on the day the reorganization is effective.
A meeting of shareholders of Fidelity Michigan Municipal Money Market Fund is expected to be held during the fourth quarter of 2022 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on December 2, 2022. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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, 2022 to June 30, 2022).
Actual Expenses
The first line of the accompanying table 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 class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
| Fidelity Michigan Municipal Income Fund | .50% | |||
| Actual | $1,000.00 | $908.70 | $2.37 | |
| Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 | |
| Fidelity Michigan Municipal Money Market Fund | .37% | |||
| Actual | $1,000.00 | $1,000.50 | $1.84-D | |
| Hypothetical-C | $1,000.00 | $1,022.96 | $1.86-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
D If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below.
| Annualized Expense Ratio-(a) | Expenses Paid | |
| Fidelity Michigan Municipal Money Market Fund | .55% | |
| Actual | $2.73 | |
| Hypothetical-(b) | $2.76 | |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Michigan Municipal Income Fund (the Income Fund) has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Income Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Income Fund’s Board of Trustees (the Board) has designated the Income Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
MIR-SANN-0822
1.705626.124
Fidelity® Ohio Municipal Income Fund
Fidelity® Ohio Municipal Money Market Fund
Semi-Annual Report
June 30, 2022
Contents
Fidelity® Ohio Municipal Income Fund | |
Fidelity® Ohio Municipal Money Market Fund | |
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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Ohio Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2022
| % of fund's net assets | |
| Health Care | 30.9 |
| Education | 20.1 |
| General Obligations | 17.3 |
| Special Tax | 9.8 |
| Transportation | 4.7 |
Quality Diversification (% of fund's net assets)
| As of June 30, 2022 | ||
| AAA | 5.4% | |
| AA,A | 76.4% | |
| BBB | 7.3% | |
| BB and Below | 2.2% | |
| Not Rated | 4.9% | |
| Short-Term Investments and Net Other Assets | 3.8% | |
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, 2022 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 96.2% | |||
| Principal Amount | Value | ||
| Guam - 0.2% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
| 6.25% 10/1/34 (a) | $545,000 | $564,152 | |
| 6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) | 355,000 | 373,450 | |
| 6.375% 10/1/43 (a) | 355,000 | 367,368 | |
| TOTAL GUAM | 1,304,970 | ||
| Ohio - 95.4% | |||
| Akron Bath Copley Hosp. District Rev.: | |||
| (Summa Health Sys.) Series 2016, 5% 11/15/25 | 1,000,000 | 1,064,113 | |
| Series 2016: | |||
| 5% 11/15/26 | 535,000 | 576,426 | |
| 5.25% 11/15/32 | 1,000,000 | 1,057,709 | |
| 5.25% 11/15/34 | 1,500,000 | 1,578,596 | |
| 5.25% 11/15/41 | 10,545,000 | 10,992,041 | |
| 5.25% 11/15/46 | 2,650,000 | 2,747,365 | |
| Akron Income Tax Rev. Series 2022: | |||
| 4% 12/1/24 | 1,075,000 | 1,120,320 | |
| 4% 12/1/25 | 1,400,000 | 1,476,348 | |
| 4% 12/1/26 | 1,120,000 | 1,193,463 | |
| 4% 12/1/27 | 1,180,000 | 1,267,327 | |
| 4% 12/1/28 | 1,380,000 | 1,485,182 | |
| 4% 12/1/29 | 1,500,000 | 1,610,862 | |
| 4% 12/1/30 | 1,210,000 | 1,284,439 | |
| 4% 12/1/31 | 1,105,000 | 1,168,235 | |
| 4% 12/1/32 | 1,285,000 | 1,353,782 | |
| 4% 12/1/33 | 1,300,000 | 1,365,544 | |
| Allen County Hosp. Facilities Rev.: | |||
| (Mercy Health) Series 2017 A: | |||
| 4% 8/1/36 | 5,000,000 | 4,975,306 | |
| 5% 8/1/42 | 4,175,000 | 4,360,761 | |
| Series 2020 A: | |||
| 4% 12/1/40 | 7,000,000 | 6,831,196 | |
| 5% 12/1/35 | 750,000 | 803,586 | |
| American Muni. Pwr., Inc. Rev.: | |||
| (Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41 | 3,005,000 | 3,175,603 | |
| (Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | 3,995,000 | 4,149,865 | |
| Bowling Green Univ. Gen. Receipts Series 2016 A, 5% 6/1/42 | 1,000,000 | 1,054,814 | |
| Buckeye Tobacco Settlement Fing. Auth.: | |||
| Series 2020 A2: | |||
| 4% 6/1/37 | 2,000,000 | 1,957,884 | |
| 4% 6/1/38 | 1,000,000 | 974,410 | |
| 4% 6/1/39 | 1,000,000 | 968,495 | |
| 4% 6/1/48 | 5,750,000 | 5,230,684 | |
| 5% 6/1/27 | 1,000,000 | 1,070,388 | |
| 5% 6/1/35 | 2,000,000 | 2,139,880 | |
| 5% 6/1/36 | 2,000,000 | 2,136,507 | |
| Series 2020 B2, 5% 6/1/55 | 1,500,000 | 1,412,444 | |
| Butler County Hosp. Facilities Rev. Series 2016 X, 5% 5/15/32 | 3,950,000 | 4,556,907 | |
| Chillicothe Hosp. Facilities Rev. (Adena Health Sys. Oblig. Group Proj.) Series 2017, 5% 12/1/47 | 8,535,000 | 8,808,226 | |
| Cleveland Arpt. Sys. Rev.: | |||
| Series 2018 A: | |||
| 5% 1/1/43 (Assured Guaranty Muni. Corp. Insured) (a) | 1,750,000 | 1,823,272 | |
| 5% 1/1/48 (Assured Guaranty Muni. Corp. Insured) (a) | 3,000,000 | 3,106,506 | |
| Series 2019 B: | |||
| 5% 1/1/24 (a) | 1,200,000 | 1,244,683 | |
| 5% 1/1/25 (a) | 1,125,000 | 1,185,159 | |
| 5% 1/1/26 (a) | 710,000 | 758,556 | |
| 5% 1/1/27 (a) | 700,000 | 757,241 | |
| Cleveland Gen. Oblig.: | |||
| Series 2012, 5% 12/1/25 | 25,000 | 25,331 | |
| Series 2015: | |||
| 5% 12/1/26 | 1,500,000 | 1,634,750 | |
| 5% 12/1/27 | 2,000,000 | 2,174,182 | |
| 5% 12/1/29 | 1,250,000 | 1,358,436 | |
| Cleveland Income Tax Rev. Series 2018 A: | |||
| 5% 10/1/29 | 600,000 | 670,540 | |
| 5% 10/1/30 | 420,000 | 467,403 | |
| 5% 10/1/31 | 650,000 | 720,973 | |
| 5% 10/1/33 | 600,000 | 662,036 | |
| 5% 10/1/36 | 700,000 | 768,948 | |
| 5% 10/1/39 | 2,040,000 | 2,230,088 | |
| 5% 10/1/43 | 5,000,000 | 5,432,172 | |
| Cleveland Muni. School District: | |||
| Series 2013, 5% 12/1/24 | 1,255,000 | 1,272,799 | |
| Series 2015 A: | |||
| 5% 12/1/24 | 3,725,000 | 3,823,741 | |
| 5% 12/1/27 | 1,750,000 | 1,791,291 | |
| Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016: | |||
| 5% 11/15/34 | 1,190,000 | 1,264,334 | |
| 5% 11/15/35 | 1,245,000 | 1,319,905 | |
| 5% 11/15/36 | 450,000 | 476,041 | |
| Cleveland Pub. Library Facilities Series 2019 A: | |||
| 4% 12/1/33 | 425,000 | 449,299 | |
| 4% 12/1/34 | 370,000 | 389,099 | |
| 4% 12/1/35 | 620,000 | 646,682 | |
| 4% 12/1/36 | 1,400,000 | 1,448,314 | |
| 4% 12/1/37 | 1,115,000 | 1,143,996 | |
| 4% 12/1/38 | 650,000 | 657,025 | |
| Cleveland Pub. Pwr. Sys. Rev.: | |||
| Series 2018: | |||
| 5% 11/15/24 (Assured Guaranty Muni. Corp. Insured) | 475,000 | 505,030 | |
| 5% 11/15/25 (Assured Guaranty Muni. Corp. Insured) | 200,000 | 216,959 | |
| 5% 11/15/26 (Assured Guaranty Muni. Corp. Insured) | 265,000 | 292,577 | |
| 5% 11/15/27 (Assured Guaranty Muni. Corp. Insured) | 220,000 | 246,135 | |
| 5% 11/15/28 (Assured Guaranty Muni. Corp. Insured) | 150,000 | 168,215 | |
| 5% 11/15/29 (Assured Guaranty Muni. Corp. Insured) | 210,000 | 235,646 | |
| 5% 11/15/30 (Assured Guaranty Muni. Corp. Insured) | 530,000 | 591,033 | |
| 5% 11/15/32 (Assured Guaranty Muni. Corp. Insured) | 365,000 | 404,363 | |
| 5% 11/15/34 (Assured Guaranty Muni. Corp. Insured) | 785,000 | 866,134 | |
| 5% 11/15/36 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,100,189 | |
| 5% 11/15/38 (Assured Guaranty Muni. Corp. Insured) | 830,000 | 910,139 | |
| Series 2020 A: | |||
| 4% 11/15/35 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,025,770 | |
| 4% 11/15/36 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,018,119 | |
| 4% 11/15/37 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,016,788 | |
| Cleveland Wtr. Rev.: | |||
| Series 2015 Y, 4% 1/1/28 | 650,000 | 664,754 | |
| Series 2020: | |||
| 5% 1/1/29 | 1,100,000 | 1,252,938 | |
| 5% 1/1/30 | 2,000,000 | 2,303,925 | |
| 5% 1/1/31 | 2,250,000 | 2,578,956 | |
| 5% 1/1/32 | 1,000,000 | 1,138,106 | |
| Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 | 3,000,000 | 3,523,390 | |
| Cleveland-Cuyahoga County Port Auth. Rev. (Euclid Avenue Dev. Corp. Proj.) Series 2022 A: | |||
| 5% 8/1/34 (b) | 1,865,000 | 2,003,746 | |
| 5% 8/1/35 (b) | 1,910,000 | 2,034,266 | |
| 5% 8/1/36 (b) | 2,065,000 | 2,181,007 | |
| 5% 8/1/37 (b) | 2,170,000 | 2,275,567 | |
| Columbus City School District Series 2016 A, 5% 12/1/31 | 5,000,000 | 5,388,916 | |
| Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28 | 5,000,000 | 5,129,080 | |
| County of Cuyahoga (Ballpark Impt. Proj.) Series 2022 A: | |||
| 4% 1/1/36 | 3,855,000 | 4,012,477 | |
| 4% 1/1/37 | 3,755,000 | 3,895,631 | |
| Cuyahoga County Econ. Dev. Rev.: | |||
| (The Cleveland Orchestra Proj.) Series 2019: | |||
| 5% 1/1/29 | 325,000 | 359,968 | |
| 5% 1/1/30 | 250,000 | 277,295 | |
| 5% 1/1/31 | 525,000 | 579,590 | |
| 5% 1/1/32 | 500,000 | 549,964 | |
| 5% 1/1/33 | 400,000 | 438,543 | |
| 5% 1/1/34 | 300,000 | 328,044 | |
| 5% 1/1/35 | 500,000 | 545,706 | |
| 5% 1/1/36 | 440,000 | 479,438 | |
| 5% 1/1/37 | 400,000 | 435,194 | |
| 5% 1/1/39 | 1,400,000 | 1,516,702 | |
| 5% 1/1/40 | 1,620,000 | 1,752,897 | |
| Series 2020 D, 5% 12/1/27 | 2,500,000 | 2,810,581 | |
| Cuyahoga County Hosp. Rev. Series 2017: | |||
| 5% 2/15/26 | 1,750,000 | 1,873,983 | |
| 5% 2/15/27 | 1,700,000 | 1,829,597 | |
| 5% 2/15/28 | 2,385,000 | 2,519,765 | |
| 5% 2/15/30 | 3,000,000 | 3,137,551 | |
| 5% 2/15/31 | 1,500,000 | 1,560,642 | |
| 5% 2/15/32 | 1,450,000 | 1,501,837 | |
| Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 | 5,000,000 | 5,027,636 | |
| Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019: | |||
| 5% 12/1/44 | 2,500,000 | 2,523,197 | |
| 5% 12/1/51 | 6,000,000 | 6,011,951 | |
| Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014: | |||
| 5% 12/1/25 | 1,250,000 | 1,330,011 | |
| 5% 12/1/26 | 3,045,000 | 3,232,544 | |
| Franklin County Hosp. Facilities Rev.: | |||
| (Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 | 3,600,000 | 3,722,920 | |
| Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (c) | 2,580,000 | 2,651,937 | |
| Series 2016 C: | |||
| 4% 11/1/40 | 3,000,000 | 2,965,664 | |
| 5% 11/1/33 | 2,610,000 | 2,803,071 | |
| 5% 11/1/34 | 2,155,000 | 2,306,236 | |
| Franklin County Ohio Sales Tax R Series 2018, 5% 6/1/48 | 5,920,000 | 6,415,918 | |
| Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47 | 720,000 | 752,576 | |
| Hamilton County Convention Facilities Auth. Rev. Series 2014: | |||
| 5% 12/1/26 | 1,000,000 | 1,036,804 | |
| 5% 12/1/27 | 3,825,000 | 3,964,157 | |
| Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016: | |||
| 5% 1/1/31 | 1,350,000 | 1,351,274 | |
| 5% 1/1/36 | 3,450,000 | 3,396,807 | |
| Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/44 | 775,000 | 783,506 | |
| Kent State Univ. Revs.: | |||
| Series 2016, 5% 5/1/30 | 1,125,000 | 1,217,469 | |
| Series 2020 A: | |||
| 5% 5/1/45 | 1,250,000 | 1,353,367 | |
| 5% 5/1/50 | 1,700,000 | 1,831,460 | |
| Lake County Hosp. Facilities Rev. Series 2015, 5% 8/15/27 (Pre-Refunded to 8/15/25 @ 100) | 770,000 | 831,620 | |
| Lakewood City School District Series 2014 C, 5% 12/1/25 | 1,300,000 | 1,389,524 | |
| Lancaster Port Auth. Gas Rev.: | |||
| Bonds Series 2019, 5%, tender 2/1/25 (c) | 6,235,000 | 6,539,389 | |
| Series 2019, 5% 8/1/24 | 655,000 | 683,859 | |
| Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019: | |||
| 5% 8/1/45 | 5,500,000 | 5,748,884 | |
| 5% 8/1/49 | 1,750,000 | 1,823,118 | |
| Miami Univ. Series 2022 A: | |||
| 5% 9/1/25 | 780,000 | 841,320 | |
| 5% 9/1/26 | 820,000 | 900,364 | |
| 5% 9/1/27 | 575,000 | 641,440 | |
| 5% 9/1/28 | 520,000 | 585,063 | |
| 5% 9/1/29 | 545,000 | 619,892 | |
| 5% 9/1/30 | 500,000 | 573,902 | |
| 5% 9/1/31 | 700,000 | 809,851 | |
| 5% 9/1/32 | 735,000 | 844,356 | |
| 5% 9/1/33 | 780,000 | 892,608 | |
| 5% 9/1/34 | 1,000,000 | 1,141,553 | |
| Miamisburg City School District Series 2016: | |||
| 5% 12/1/28 (Pre-Refunded to 12/1/25 @ 100) | 500,000 | 546,465 | |
| 5% 12/1/29 (Pre-Refunded to 12/1/25 @ 100) | 300,000 | 327,879 | |
| Milford Exempt Village School District Series 2015: | |||
| 3.5% 12/1/31 | 500,000 | 503,352 | |
| 5% 12/1/28 | 1,400,000 | 1,497,554 | |
| Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021: | |||
| 4% 8/1/37 | 1,125,000 | 1,109,123 | |
| 4% 8/1/41 | 850,000 | 822,912 | |
| 4% 8/1/51 | 2,000,000 | 1,867,326 | |
| 5% 8/1/32 | 750,000 | 816,203 | |
| 5% 8/1/36 | 1,225,000 | 1,319,932 | |
| 5% 8/1/38 | 1,000,000 | 1,072,647 | |
| 5% 8/1/39 | 1,100,000 | 1,177,618 | |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | |||
| 5% 2/15/44 | 4,005,000 | 3,932,828 | |
| 5% 2/15/48 | 3,495,000 | 3,386,509 | |
| Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A: | |||
| 5% 10/1/32 | 1,625,000 | 1,788,645 | |
| 5% 10/1/33 | 1,500,000 | 1,640,374 | |
| 5% 10/1/35 | 1,450,000 | 1,581,293 | |
| 5% 10/1/36 | 1,250,000 | 1,361,291 | |
| 5% 10/1/37 | 1,430,000 | 1,555,156 | |
| Ohio Gen. Oblig.: | |||
| Series 2016 A, 5% 2/1/31 | 4,255,000 | 4,602,222 | |
| Series 2021 A: | |||
| 5% 3/1/40 | 1,345,000 | 1,524,476 | |
| 5% 3/1/41 | 2,000,000 | 2,262,258 | |
| Ohio Higher Edl. Facility Commission Rev.: | |||
| (Case Western Reserve Univ. Proj.): | |||
| Series 2016, 5% 12/1/40 | 2,000,000 | 2,145,847 | |
| Series 2019 B: | |||
| 5% 12/1/37 | 835,000 | 921,995 | |
| 5% 12/1/38 | 1,100,000 | 1,212,023 | |
| 5% 12/1/39 | 775,000 | 852,446 | |
| (Denison Univ. 2015 Proj.) Series 2015: | |||
| 5% 11/1/28 | 1,465,000 | 1,566,771 | |
| 5% 11/1/29 | 1,325,000 | 1,412,934 | |
| 5% 11/1/30 | 2,285,000 | 2,432,145 | |
| (Denison Univ. 2021 Proj.) Series 2021: | |||
| 4% 11/1/39 | 400,000 | 392,700 | |
| 4% 11/1/45 | 1,900,000 | 1,824,966 | |
| 5% 11/1/30 | 300,000 | 342,487 | |
| 5% 11/1/33 | 300,000 | 338,113 | |
| 5% 11/1/35 | 300,000 | 336,628 | |
| 5% 11/1/41 | 300,000 | 332,561 | |
| (Denison Univ., Proj.) Series 2017 B, 5% 11/1/26 | 1,505,000 | 1,651,427 | |
| (Kenyon College 2015 Proj.) Series 2015, 5% 7/1/41 | 3,100,000 | 3,177,260 | |
| (Kenyon College 2020 Proj.) Series 2020: | |||
| 5% 7/1/38 | 2,500,000 | 2,665,888 | |
| 5% 7/1/39 | 2,640,000 | 2,810,015 | |
| (Kenyon College, Oh. Proj.) Series 2017: | |||
| 4% 7/1/36 | 400,000 | 386,118 | |
| 4% 7/1/37 | 450,000 | 426,909 | |
| 5% 7/1/28 | 400,000 | 428,958 | |
| 5% 7/1/29 | 735,000 | 783,083 | |
| 5% 7/1/30 | 300,000 | 318,378 | |
| 5% 7/1/31 | 400,000 | 422,457 | |
| 5% 7/1/33 | 650,000 | 683,189 | |
| 5% 7/1/35 | 1,550,000 | 1,624,573 | |
| 5% 7/1/42 | 1,400,000 | 1,453,882 | |
| (Otterbein Univ. 2022 Proj.) Series 2022 A, 4% 12/1/46 | 1,250,000 | 1,139,742 | |
| (The College of Wooster 2018 Proj.) Series 2018: | |||
| 5% 9/1/33 | 1,445,000 | 1,584,962 | |
| 5% 9/1/45 | 4,255,000 | 4,576,529 | |
| (Univ. of Dayton 2018 Proj.) Series A, 5% 12/1/48 | 1,000,000 | 1,048,308 | |
| (Univ. of Dayton 2020 Proj.) Series 2020: | |||
| 4% 2/1/36 | 900,000 | 878,494 | |
| 5% 2/1/34 | 1,000,000 | 1,086,222 | |
| 5% 2/1/35 | 800,000 | 867,238 | |
| (Univ. of Dayton Proj.): | |||
| Series 2013: | |||
| 5% 12/1/24 | 585,000 | 593,153 | |
| 5% 12/1/25 | 1,000,000 | 1,013,936 | |
| 5% 12/1/26 | 1,195,000 | 1,211,654 | |
| 5% 12/1/27 | 2,300,000 | 2,332,053 | |
| Series 2018 B: | |||
| 4% 12/1/33 | 1,155,000 | 1,153,003 | |
| 5% 12/1/25 | 1,065,000 | 1,136,479 | |
| 5% 12/1/27 | 1,000,000 | 1,087,826 | |
| 5% 12/1/29 | 1,310,000 | 1,419,491 | |
| 5% 12/1/31 | 1,130,000 | 1,214,824 | |
| 5% 12/1/35 | 1,000,000 | 1,066,241 | |
| 5% 12/1/36 | 1,000,000 | 1,064,696 | |
| (Xavier Univ. Proj.) Series 2015 C: | |||
| 5% 5/1/26 | 1,000,000 | 1,057,304 | |
| 5% 5/1/28 | 1,000,000 | 1,051,313 | |
| 5% 5/1/29 | 855,000 | 897,768 | |
| 5% 5/1/31 | 1,005,000 | 1,050,807 | |
| Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (c) | 5,000,000 | 4,802,124 | |
| Series 2019, 4% 10/1/49 | 3,270,000 | 2,896,235 | |
| Ohio Hosp. Facilities Rev.: | |||
| Series 2017 A, 5% 1/1/32 | 2,000,000 | 2,205,034 | |
| Series 2019 B, 4% 1/1/40 | 3,000,000 | 2,981,688 | |
| Series 2021 B: | |||
| 5% 1/1/30 | 2,500,000 | 2,867,150 | |
| 5% 1/1/31 | 2,180,000 | 2,515,099 | |
| 5% 1/1/32 | 1,580,000 | 1,831,841 | |
| 5% 1/1/33 | 2,410,000 | 2,725,253 | |
| 5% 1/1/34 | 2,425,000 | 2,732,917 | |
| 5% 1/1/35 | 230,000 | 258,572 | |
| 5% 1/1/36 | 540,000 | 605,803 | |
| 5% 1/1/37 | 250,000 | 279,489 | |
| 5% 1/1/38 | 855,000 | 951,178 | |
| 5% 1/1/39 | 925,000 | 1,023,734 | |
| Ohio Hosp. Rev.: | |||
| Series 2013 A, 5% 1/15/28 | 720,000 | 729,704 | |
| Series 2016 A, 5% 1/15/41 | 5,000,000 | 5,188,724 | |
| Series 2020 A, 4% 1/15/50 | 1,000,000 | 932,719 | |
| Series 2020: | |||
| 4% 11/15/37 | 1,025,000 | 958,430 | |
| 4% 11/15/39 | 1,115,000 | 1,037,406 | |
| 4% 11/15/41 | 1,175,000 | 1,080,850 | |
| 5% 11/15/33 | 1,270,000 | 1,355,038 | |
| 5% 11/15/35 | 1,465,000 | 1,556,630 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
| (Mtg. Backed Securities Prog.): | |||
| Series 2017 B, 4.5% 3/1/47 (a) | 380,000 | 389,009 | |
| Series 2019 B, 4.5% 3/1/50 | 5,095,000 | 5,234,830 | |
| (Mtg.-Backed Securities Prog.) Series 2022 A: | |||
| 5% 3/1/30 | 400,000 | 451,242 | |
| 5% 3/1/31 | 600,000 | 681,931 | |
| 5% 9/1/31 | 640,000 | 729,992 | |
| Series 2021 C, 3.25% 3/1/51 | 7,990,000 | 7,866,583 | |
| Series 2022 B, 5% 3/1/52 | 3,000,000 | 3,177,368 | |
| Ohio Parks & Recreation Cap. Facilities (Parks and Recreation Impt. Fund Proj.) Series 2022 A: | |||
| 5% 12/1/27 | 1,325,000 | 1,493,177 | |
| 5% 12/1/28 | 1,325,000 | 1,511,822 | |
| 5% 12/1/29 | 1,500,000 | 1,731,858 | |
| 5% 12/1/30 | 1,600,000 | 1,866,565 | |
| 5% 12/1/31 | 1,000,000 | 1,175,548 | |
| Ohio Spl. Oblig.: | |||
| (Administrative Bldg. Fund Projs.) Series 2020 B, 5% 4/1/39 | 1,865,000 | 2,074,721 | |
| (Ohio Gen. Oblig. Proj.) Series 2017 A: | |||
| 5% 4/1/29 | 2,535,000 | 2,812,035 | |
| 5% 4/1/30 | 2,250,000 | 2,481,080 | |
| 5% 4/1/31 | 2,000,000 | 2,196,057 | |
| 5% 4/1/32 | 1,115,000 | 1,218,600 | |
| 5% 4/1/33 | 1,850,000 | 2,009,075 | |
| 5% 4/1/34 | 1,000,000 | 1,084,607 | |
| 5% 4/1/35 | 2,395,000 | 2,594,335 | |
| Series 2020 A: | |||
| 5% 2/1/29 | 2,875,000 | 3,287,336 | |
| 5% 2/1/30 | 1,045,000 | 1,208,670 | |
| Series 2021 A: | |||
| 5% 4/1/34 | 1,430,000 | 1,637,722 | |
| 5% 4/1/35 | 1,660,000 | 1,896,887 | |
| 5% 4/1/37 | 1,680,000 | 1,905,239 | |
| 5% 4/1/38 | 1,000,000 | 1,127,244 | |
| 5% 4/1/39 | 1,000,000 | 1,124,997 | |
| 5% 4/1/40 | 1,110,000 | 1,241,548 | |
| 5% 4/1/41 | 750,000 | 837,309 | |
| Ohio State Univ. Gen. Receipts Series 2013 A: | |||
| 5% 6/1/28 | 2,000,000 | 2,046,464 | |
| 5% 6/1/38 | 3,500,000 | 3,561,070 | |
| Ohio Tpk. Commission Tpk. Rev.: | |||
| (Infrastructure Proj.) Series 2005 A, 0% 2/15/43 | 10,000,000 | 3,978,734 | |
| (Infrastructure Projs.): | |||
| Series 2022 A, 5% 2/15/39 (b) | 5,730,000 | 6,386,761 | |
| Series A3, 0% 2/15/37 | 400,000 | 159,876 | |
| Series A, 5% 2/15/46 | 7,500,000 | 8,309,141 | |
| Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,087,843 | |
| Olentangy Local School District Series 2016, 5% 12/1/32 | 1,275,000 | 1,372,589 | |
| Port Auth. Econ. Dev. Rev.: | |||
| (Univ. of Northwestern Ohio Proj.) Series 2021, 4% 12/1/35 | 1,300,000 | 1,215,265 | |
| Series 2021, 4% 12/1/31 | 710,000 | 693,752 | |
| Reynoldsburg City School District Series 2015, 4% 12/1/30 | 2,375,000 | 2,465,078 | |
| Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/49 | 2,000,000 | 2,081,168 | |
| Scioto County Hosp. Facilities Rev. Series 2016: | |||
| 5% 2/15/24 | 1,000,000 | 1,046,045 | |
| 5% 2/15/28 | 5,030,000 | 5,314,061 | |
| 5% 2/15/30 | 3,860,000 | 4,038,274 | |
| 5% 2/15/32 | 2,550,000 | 2,650,557 | |
| 5% 2/15/33 | 2,460,000 | 2,550,709 | |
| 5% 2/15/34 | 4,450,000 | 4,607,784 | |
| Univ. of Akron Gen. Receipts Series 2016 A: | |||
| 5% 1/1/25 | 1,025,000 | 1,086,158 | |
| 5% 1/1/33 | 5,000,000 | 5,379,473 | |
| Univ. of Cincinnati Gen. Receipts: | |||
| Series 2012 C, 4% 6/1/28 | 10,000 | 10,048 | |
| Series 2016 A: | |||
| 5% 6/1/32 | 745,000 | 797,824 | |
| 5% 6/1/33 | 800,000 | 853,684 | |
| 5% 6/1/34 | 585,000 | 622,264 | |
| Series 2016 C, 5% 6/1/41 | 2,585,000 | 2,726,350 | |
| Univ. of Toledo Gen. Receipts Series 2018 A: | |||
| 5% 6/1/26 | 600,000 | 647,591 | |
| 5% 6/1/27 | 350,000 | 382,536 | |
| Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017: | |||
| 4% 12/1/32 | 1,500,000 | 1,508,468 | |
| 5% 12/1/25 | 1,500,000 | 1,609,239 | |
| 5% 12/1/26 | 1,890,000 | 2,049,656 | |
| 5% 12/1/27 | 1,340,000 | 1,462,550 | |
| 5% 12/1/28 | 1,400,000 | 1,519,356 | |
| 5% 12/1/29 | 825,000 | 889,480 | |
| 5% 12/1/30 | 1,700,000 | 1,821,536 | |
| 5% 12/1/31 | 750,000 | 799,317 | |
| Wood County Hosp. Facilities Rev. (Wood County Hosp. Proj.) Series 2012, 5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) | 105,000 | 106,528 | |
| Wright State Univ. Gen. Receipts: | |||
| Series 2021 A, 5% 5/1/26 (Build America Mutual Assurance Insured) | 1,100,000 | 1,199,607 | |
| Series 2022 A: | |||
| 5% 5/1/24 (Build America Mutual Assurance Insured) | 540,000 | 568,010 | |
| 5% 5/1/25 (Build America Mutual Assurance Insured) | 490,000 | 525,148 | |
| 5% 5/1/26 (Build America Mutual Assurance Insured) | 520,000 | 567,087 | |
| 5% 5/1/27 (Build America Mutual Assurance Insured) | 545,000 | 602,768 | |
| 5% 5/1/28 (Build America Mutual Assurance Insured) | 565,000 | 632,107 | |
| 5% 5/1/29 (Build America Mutual Assurance Insured) | 600,000 | 677,752 | |
| 5% 5/1/30 (Build America Mutual Assurance Insured) | 235,000 | 266,648 | |
| 5% 5/1/31 (Build America Mutual Assurance Insured) | 250,000 | 286,538 | |
| 5% 5/1/32 (Build America Mutual Assurance Insured) | 260,000 | 300,339 | |
| TOTAL OHIO | 550,872,008 | ||
| Puerto Rico - 0.6% | |||
| Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
| 0% 7/1/33 | 1,634,241 | 917,928 | |
| 5.625% 7/1/27 | 190,000 | 202,115 | |
| 5.625% 7/1/29 | 590,000 | 633,517 | |
| 5.75% 7/1/31 | 1,395,000 | 1,523,430 | |
| TOTAL PUERTO RICO | 3,276,990 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $582,022,853) | 555,453,968 | ||
| TOTAL INVESTMENT IN SECURITIES - 96.2% | |||
| (Cost $582,022,853) | 555,453,968 | ||
| NET OTHER ASSETS (LIABILITIES) - 3.8% | 21,893,731 | ||
| NET ASSETS - 100% | $577,347,699 |
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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Municipal Securities | $555,453,968 | $-- | $555,453,968 | $-- |
| Total Investments in Securities: | $555,453,968 | $-- | $555,453,968 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| Health Care | 30.9% |
| Education | 20.1% |
| General Obligations | 17.3% |
| Special Tax | 9.8% |
| Other * | 5.2% |
| Others (Individually Less Than 5%) | 16.7% |
| �� | 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, 2022 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $582,022,853) | $555,453,968 | |
| Cash | 31,955,134 | |
| Receivable for fund shares sold | 184,913 | |
| Interest receivable | 6,073,144 | |
| Other receivables | 1,359 | |
| Total assets | 593,668,518 | |
| Liabilities | ||
| Payable for investments purchased on a delayed delivery basis | $15,433,022 | |
| Payable for fund shares redeemed | 278,039 | |
| Distributions payable | 355,044 | |
| Accrued management fee | 167,611 | |
| Other affiliated payables | 63,688 | |
| Other payables and accrued expenses | 23,415 | |
| Total liabilities | 16,320,819 | |
| Net Assets | $577,347,699 | |
| Net Assets consist of: | ||
| Paid in capital | $605,096,528 | |
| Total accumulated earnings (loss) | (27,748,829) | |
| Net Assets | $577,347,699 | |
| Net Asset Value, offering price and redemption price per share ($577,347,699 ÷ 51,454,223 shares) | $11.22 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2022 (Unaudited) | ||
| Investment Income | ||
| Interest | $8,203,339 | |
| Expenses | ||
| Management fee | $1,104,206 | |
| Transfer agent fees | 333,277 | |
| Accounting fees and expenses | 75,344 | |
| Custodian fees and expenses | 4,902 | |
| Independent trustees' fees and expenses | 997 | |
| Registration fees | 17,820 | |
| Audit | 24,488 | |
| Legal | 310 | |
| Miscellaneous | 1,295 | |
| Total expenses before reductions | 1,562,639 | |
| Expense reductions | (10,407) | |
| Total expenses after reductions | 1,552,232 | |
| Net investment income (loss) | 6,651,107 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (1,266,434) | |
| Total net realized gain (loss) | (1,266,434) | |
| Change in net unrealized appreciation (depreciation) on investment securities | (67,082,010) | |
| Net gain (loss) | (68,348,444) | |
| Net increase (decrease) in net assets resulting from operations | $(61,697,337) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $6,651,107 | $14,475,478 |
| Net realized gain (loss) | (1,266,434) | 253,604 |
| Change in net unrealized appreciation (depreciation) | (67,082,010) | (3,814,007) |
| Net increase (decrease) in net assets resulting from operations | (61,697,337) | 10,915,075 |
| Distributions to shareholders | (6,649,886) | (14,819,628) |
| Share transactions | ||
| Proceeds from sales of shares | 94,845,439 | 107,404,517 |
| Reinvestment of distributions | 4,288,765 | 9,334,614 |
| Cost of shares redeemed | (170,685,053) | (97,656,138) |
| Net increase (decrease) in net assets resulting from share transactions | (71,550,849) | 19,082,993 |
| Total increase (decrease) in net assets | (139,898,072) | 15,178,440 |
| Net Assets | ||
| Beginning of period | 717,245,771 | 702,067,331 |
| End of period | $577,347,699 | $717,245,771 |
| Other Information | ||
| Shares | ||
| Sold | 8,207,189 | 8,586,036 |
| Issued in reinvestment of distributions | 368,950 | 747,188 |
| Redeemed | (14,678,401) | (7,810,213) |
| Net increase (decrease) | (6,102,262) | 1,523,011 |
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, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $12.46 | $12.53 | $12.38 | $11.89 | $12.20 | $11.91 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .123 | .253 | .287 | .319 | .321 | .330 |
| Net realized and unrealized gain (loss) | (1.240) | (.064) | .235 | .515 | (.279) | .377 |
| Total from investment operations | (1.117) | .189 | .522 | .834 | .042 | .707 |
| Distributions from net investment income | (.123) | (.253) | (.287) | (.319) | (.321) | (.330) |
| Distributions from net realized gain | – | (.006) | (.085) | (.025) | (.031) | (.087) |
| Total distributions | (.123) | (.259) | (.372) | (.344) | (.352) | (.417) |
| Net asset value, end of period | $11.22 | $12.46 | $12.53 | $12.38 | $11.89 | $12.20 |
| Total ReturnC,D | (9.00)% | 1.52% | 4.28% | 7.08% | .39% | 6.03% |
| Ratios to Average Net AssetsB,E,F | ||||||
| Expenses before reductions | .50%G | .48% | .48% | .48% | .48% | .48% |
| Expenses net of fee waivers, if any | .49%G | .48% | .48% | .48% | .48% | .48% |
| Expenses net of all reductions | .49%G | .48% | .48% | .48% | .48% | .48% |
| Net investment income (loss) | 2.11%G | 2.02% | 2.31% | 2.60% | 2.70% | 2.73% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $577,348 | $717,246 | $702,067 | $672,948 | $616,306 | $677,359 |
| Portfolio turnover rateH | 18%G | 6% | 20% | 10% | 11% | 24% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, 2022
| Days | % of fund's investments 6/30/22 |
| 1 - 7 | 85.7 |
| 31 - 60 | 9.9 |
| 61 - 90 | 0.3 |
| 91 - 180 | 3.5 |
| > 180 | 0.6 |
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, 2022 | ||
| Variable Rate Demand Notes (VRDNs) | 37.3% | |
| Tender Option Bond | 44.3% | |
| Other Municipal Security | 6.2% | |
| Investment Companies | 12.5% | |
| Net Other Assets (Liabilities)* | (0.3)% | |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
| 6/30/22 | |
| Fidelity® Ohio Municipal Money Market Fund | 0.45% |
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® Ohio Municipal Money Market Fund
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 37.3% | |||
| Principal Amount | Value | ||
| Alabama - 0.8% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.19% 7/7/22, VRDN (a)(b) | $1,260,000 | $1,260,000 | |
| West Jefferson Indl. Dev. Series 2008, 1.1% 7/7/22, VRDN (b) | 200,000 | 200,000 | |
| 1,460,000 | |||
| Arkansas - 0.6% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.07% 7/7/22, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
| Kansas - 0.6% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 1.05% 7/7/22, VRDN (b) | 300,000 | 300,000 | |
| Series 2007 B, 1.05% 7/7/22, VRDN (b) | 100,000 | 100,000 | |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 1% 7/7/22, VRDN (b) | 700,000 | 700,000 | |
| 1,100,000 | |||
| Louisiana - 0.2% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 1.1% 7/7/22, VRDN (b) | 300,000 | 300,000 | |
| Nebraska - 0.4% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.19% 7/7/22, VRDN (a)(b) | 700,000 | 700,000 | |
| North Carolina - 0.1% | |||
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.07% 7/7/22, VRDN (a)(b) | 200,000 | 200,000 | |
| Ohio - 33.4% | |||
| Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 0.95% 7/7/22, LOC Northern Trust Co., VRDN (b) | 11,735,000 | 11,735,000 | |
| Franklin County Hosp. Facilities Rev.: | |||
| Series 2009 B, 0.88% 7/7/22 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 2,400,000 | 2,400,000 | |
| Series 2011 D, 0.85% 7/7/22, VRDN (b) | 2,900,000 | 2,900,000 | |
| Series 2013 B, 0.91% 7/7/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 3,000,000 | 3,000,000 | |
| Series 2014, 0.91% 7/7/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 5,525,000 | 5,525,000 | |
| Hamilton County Healthcare Facilities Rev. (The Children's Home of Cincinnati Proj.) Series 2009, 1.03% 7/7/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 2,435,000 | 2,435,000 | |
| Hamilton County Hosp. Facilities Rev. Series 2018 Z, 0.89% 7/7/22, VRDN (b) | 5,200,000 | 5,200,000 | |
| Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.95% 7/7/22, LOC Citizens Bank NA, VRDN (b) | 12,970,000 | 12,970,000 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2016 H, 0.94% 7/7/22 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 6,700,000 | 6,700,000 | |
| Ohio Spl. Oblig. Series 2016 B, 0.9% 7/7/22, VRDN (b) | 6,000,000 | 6,000,000 | |
| 58,865,000 | |||
| West Virginia - 1.2% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 1.02% 7/7/22, VRDN (a)(b) | 100,000 | 100,000 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1% 7/7/22, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
| 2,100,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $65,825,000) | 65,825,000 | ||
| Tender Option Bond - 44.3% | |||
| Colorado - 0.0% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Connecticut - 0.3% | |||
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 400,000 | 400,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| 600,000 | |||
| Florida - 0.2% | |||
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) | 100,000 | 100,000 | |
| Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 1.11%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| 300,000 | |||
| Kentucky - 0.2% | |||
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 1.01% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) | 200,000 | 200,000 | |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| 300,000 | |||
| Ohio - 43.2% | |||
| Allen County Hosp. Facilities Rev. Participating VRDN: | |||
| Series Floaters E 134, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 2,830,000 | 2,830,000 | |
| Series Floaters XF 25 16, 1% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 3,600,000 | 3,600,000 | |
| CommonSpirit Health Participating VRDN Series MIZ 90 20, 1.01% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) | 2,100,000 | 2,100,000 | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.01% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) | 4,100,000 | 4,100,000 | |
| Euclid City School District Participating VRDN Series G-39, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 2,100,000 | 2,100,000 | |
| Franklin County Hosp. Facilities Rev. Participating VRDN Series 15 XF0244, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 2,670,000 | 2,670,000 | |
| Miami County Hosp. Facilities Rev. Participating VRDN Series Floaters XG 02 25, 0.95% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 6,000,000 | 6,000,000 | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 7,900,000 | 7,900,000 | |
| Montgomery County Hosp. Rev. Participating VRDN: | |||
| Series Floaters E 132, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 6,800,000 | 6,800,000 | |
| Series XX 11 33, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 865,000 | 865,000 | |
| Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Participating VRDN: | |||
| Series Floaters XF 07 18, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 3,750,000 | 3,750,000 | |
| Series Floaters ZF 06 70, 0.94% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) | 3,100,000 | 3,100,000 | |
| Ohio Gen. Oblig. Participating VRDN Series Floaters XF 25 91, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) | 2,000,000 | 2,000,000 | |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series XG 00 69, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 3,750,000 | 3,750,000 | |
| Ohio Hosp. Rev. Participating VRDN: | |||
| Series 002, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 3,300,000 | 3,300,000 | |
| Series 2021 XG 03 39, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) | 1,250,000 | 1,250,000 | |
| Series C18, 0.95% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 1,800,000 | 1,800,000 | |
| Series XF 09 67, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 2,100,000 | 2,100,000 | |
| Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Participating VRDN Series Floaters XF 27 83, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) | 2,075,000 | 2,075,000 | |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 2,000,000 | 2,000,000 | |
| Univ. of Cincinnati Gen. Receipts Participating VRDN: | |||
| Series Floaters XF 24 38, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 4,000,000 | 4,000,000 | |
| Series Floaters ZM 06 46, 0.94% 7/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 4,200,000 | 4,200,000 | |
| Upper Arlington City School District Participating VRDN Series Floaters XF 25 92, 0.96% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) | 4,000,000 | 4,000,000 | |
| 76,290,000 | |||
| South Carolina - 0.0% | |||
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Tennessee - 0.1% | |||
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) | 100,000 | 100,000 | |
| Virginia - 0.3% | |||
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) | 390,000 | 390,000 | |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| 490,000 | |||
| TOTAL TENDER OPTION BOND | |||
| (Cost $78,280,000) | 78,280,000 | ||
| Other Municipal Security - 6.2% | |||
| Ohio - 6.2% | |||
| Allen County Hosp. Facilities Rev. Bonds Series 2017 A, 5% 8/1/22 | 1,600,000 | 1,605,403 | |
| American Muni. Pwr. BAN: | |||
| (Village of Carey Proj.) Series 2021, 1.25% 11/30/22 (Ohio Gen. Oblig. Guaranteed) | 1,305,000 | 1,310,215 | |
| (Village of Pioneer Proj.) Series 2021, 1.25% 12/1/22 (Ohio Gen. Oblig. Guaranteed) | 1,315,000 | 1,320,290 | |
| Series 2021, 1% 8/11/22 (Ohio Gen. Oblig. Guaranteed) | 1,220,000 | 1,221,136 | |
| County of Cuyahoga Bonds (Ballpark Impt. Proj.) Series 2022 A, 4% 1/1/23 | 1,000,000 | 1,011,913 | |
| Middleburg Heights Hosp. Rev. Bonds Series 2012 A, 5% 8/1/22 (Pre-Refunded to 8/1/22 @ 100) | 1,500,000 | 1,504,548 | |
| Ohio Higher Edl. Facility Commission Rev. Bonds Series 2022 B6, 1.15% tender 8/8/22, CP mode | 1,500,000 | 1,500,000 | |
| Toledo City School District Bonds Series 2022, 2% 12/1/22 | 1,000,000 | 1,004,929 | |
| Union Township Clermont County Gen. Oblig. BAN Series 2021, 0.5% 8/31/22 (Ohio Gen. Oblig. Guaranteed) | 480,000 | 480,224 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $10,958,658) | 10,958,658 | ||
| Shares | Value | ||
| Investment Company - 12.5% | |||
| Fidelity Municipal Cash Central Fund 0.88% (f)(g) | |||
| (Cost $22,059,049) | 22,055,111 | 22,059,049 | |
| TOTAL INVESTMENT IN SECURITIES - 100.3% | |||
| (Cost $177,122,707) | 177,122,707 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.3)% | (596,048) | ||
| NET ASSETS - 100% | $176,526,659 |
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 (including private placements) - 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 $2,800,000 or 1.6% of net assets.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $200,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) | 5/3/21 | $100,000 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $2,000,000 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 1.11%, tender 7/7/22 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $100,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) | 2/1/21 | $100,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Municipal Cash Central Fund 0.88% | $15,525,793 | $60,297,999 | $53,765,000 | $36,146 | $257 | $-- | $22,059,049 | 1.5% |
| Total | $15,525,793 | $60,297,999 | $53,765,000 | $36,146 | $257 | $-- | $22,059,049 |
Amounts in the income column in the above table include 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, 2022 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $155,063,658) | $155,063,658 | |
| Fidelity Central Funds (cost $22,059,049) | 22,059,049 | |
| Total Investment in Securities (cost $177,122,707) | $177,122,707 | |
| Receivable for fund shares sold | 15,651 | |
| Interest receivable | 284,306 | |
| Distributions receivable from Fidelity Central Funds | 12,434 | |
| Total assets | 177,435,098 | |
| Liabilities | ||
| Payable to custodian bank | $469,495 | |
| Payable for fund shares redeemed | 345,442 | |
| Distributions payable | 2,360 | |
| Accrued management fee | 51,846 | |
| Other affiliated payables | 22,731 | |
| Other payables and accrued expenses | 16,565 | |
| Total liabilities | 908,439 | |
| Net Assets | $176,526,659 | |
| Net Assets consist of: | ||
| Paid in capital | $176,542,600 | |
| Total accumulated earnings (loss) | (15,941) | |
| Net Assets | $176,526,659 | |
| Net Asset Value, offering price and redemption price per share ($176,526,659 ÷ 176,219,555 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2022 (Unaudited) | ||
| Investment Income | ||
| Interest | $384,906 | |
| Income from Fidelity Central Funds | 36,146 | |
| Total income | 421,052 | |
| Expenses | ||
| Management fee | $315,868 | |
| Transfer agent fees | 125,128 | |
| Accounting fees and expenses | 14,186 | |
| Custodian fees and expenses | 1,210 | |
| Independent trustees' fees and expenses | 276 | |
| Registration fees | 16,821 | |
| Audit | 17,615 | |
| Legal | 82 | |
| Miscellaneous | 197 | |
| Total expenses before reductions | 491,383 | |
| Expense reductions | (156,228) | |
| Total expenses after reductions | 335,155 | |
| Net investment income (loss) | 85,897 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (16,030) | |
| Fidelity Central Funds | 257 | |
| Total net realized gain (loss) | (15,773) | |
| Net increase in net assets resulting from operations | $70,124 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $85,897 | $19,729 |
| Net realized gain (loss) | (15,773) | 37,277 |
| Net increase in net assets resulting from operations | 70,124 | 57,006 |
| Distributions to shareholders | (85,857) | (28,814) |
| Share transactions | ||
| Proceeds from sales of shares | 14,850,494 | 11,480,697 |
| Reinvestment of distributions | 81,579 | 27,621 |
| Cost of shares redeemed | (23,045,877) | (36,694,265) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (8,113,804) | (25,185,947) |
| Total increase (decrease) in net assets | (8,129,537) | (25,157,755) |
| Net Assets | ||
| Beginning of period | 184,656,196 | 209,813,951 |
| End of period | $176,526,659 | $184,656,196 |
| Other Information | ||
| Shares | ||
| Sold | 14,850,494 | 11,480,697 |
| Issued in reinvestment of distributions | 81,579 | 27,621 |
| Redeemed | (23,045,877) | (36,694,265) |
| Net increase (decrease) | (8,113,804) | (25,185,947) |
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, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| 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)A | –B | –B | .003 | .011 | .010 | .004 |
| Net realized and unrealized gain (loss) | –B | –B | – | .001 | –B | –B |
| Total from investment operations | –B | –B | .003 | .012 | .010 | .004 |
| Distributions from net investment income | –B | –B | (.003) | (.011) | (.010) | (.004) |
| Distributions from net realized gain | – | –B | – | (.001) | – | –B |
| Total distributions | –B | –B | (.003) | (.012) | (.010) | (.004) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC,D | .05% | .02% | .32% | 1.16% | .98% | .42% |
| Ratios to Average Net AssetsA,E,F | ||||||
| Expenses before reductions | .54%G | .53% | .53% | .53% | .53% | .53% |
| Expenses net of fee waivers, if any | .37%G | .10% | .38% | .53% | .53% | .52% |
| Expenses net of all reductions | .37%G | .10% | .38% | .53% | .53% | .52% |
| Net investment income (loss) | .10%G | .01% | .33% | 1.08% | .96% | .40% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $176,527 | $184,656 | $209,814 | $239,940 | $298,736 | $419,110 |
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
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, 2022
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.
Effective after the close of business on July 15, 2022, Fidelity Ohio Municipal Money Market Fund was closed to new accounts with certain exceptions.
2. Investments in Fidelity Central Funds.
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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
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. The aggregate value of investments by input level as of June 30, 2022 is included at the end of the Fund's Schedule of Investments.
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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 capital loss carryforwards.
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 | $582,017,797 | $2,764,068 | $(29,327,897) | $(26,563,829) |
| Fidelity Ohio Municipal Money Market Fund | 177,122,707 | – | – | – |
Certain of the Funds elected to defer to the next fiscal year capital currency losses recognized during the period November 1, 2021 to December 31, 2021. Loss deferrals were as follows:
| Capital losses | |
| Fidelity Ohio Municipal Income Fund | $(4,987) |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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 (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Ohio Municipal Income Fund | 55,980,087 | 140,952,686 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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% |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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 | .11% |
| Fidelity Ohio Municipal Money Market Fund | .14% |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting 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. 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, any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Ohio Municipal Income Fund | – | – | – |
| Fidelity Ohio Municipal Money Market Fund | 9,380,000 | – | – |
6. Committed Line of Credit.
Certain Funds participate 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 listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Ohio Municipal Income Fund | $578 |
7. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $154,753.
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.
| Custodian credits | |
| Fidelity Ohio Municipal Income Fund | $4,902 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| Amount | |
| Fidelity Ohio Municipal Income Fund | $5,505 |
| Fidelity Ohio Municipal Money Market Fund | 1,475 |
8. Other.
A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
10. Proposed Reorganization.
The Board of Trustees of Fidelity Ohio Municipal Money Market Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Ohio Municipal Money Market Fund and Fidelity Municipal Money Market Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Ohio Municipal Money Market Fund in exchange for shares of Fidelity Municipal Money Market Fund equal in value to the net assets of Fidelity Ohio Municipal Money Market Fund on the day the reorganization is effective.
A meeting of shareholders of Fidelity Ohio Municipal Money Market Fund is expected to be held during the fourth quarter of 2022 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on December 2, 2022. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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, 2022 to June 30, 2022).
Actual Expenses
The first line of the accompanying table 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 class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
| Fidelity Ohio Municipal Income Fund | .49% | |||
| Actual | $1,000.00 | $910.00 | $2.32 | |
| Hypothetical-C | $1,000.00 | $1,022.36 | $2.46 | |
| Fidelity Ohio Municipal Money Market Fund | .37% | |||
| Actual | $1,000.00 | $1,000.50 | $1.84-D | |
| Hypothetical-C | $1,000.00 | $1,022.96 | $1.86-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
D If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| Annualized Expense Ratio-(a) | Expenses Paid | |
| Fidelity Ohio Municipal Money Market Fund | .54% | |
| Actual | $2.68 | |
| Hypothetical-(b) | $2.71 | |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Ohio Municipal Income Fund (the Income Fund) has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Income Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Income Fund’s Board of Trustees (the Board) has designated the Income Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
OFF-SANN-0822
1.705575.124
Fidelity® Pennsylvania Municipal Income Fund
Fidelity® Pennsylvania Municipal Money Market Fund
Semi-Annual Report
June 30, 2022
Contents
Fidelity® Pennsylvania Municipal Income Fund | |
Fidelity® Pennsylvania Municipal Money Market Fund | |
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.
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Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Pennsylvania Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of June 30, 2022
| % of fund's net assets | |
| Health Care | 25.9 |
| Transportation | 20.8 |
| Education | 18.1 |
| General Obligations | 11.6 |
| Water & Sewer | 7.1 |
Quality Diversification (% of fund's net assets)
| As of June 30, 2022 | ||
| AA,A | 77.8% | |
| BBB | 8.2% | |
| BB and Below | 4.9% | |
| Not Rated | 2.7% | |
| Short-Term Investments and Net Other Assets | 6.4% | |
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® Pennsylvania Municipal Income Fund
Schedule of Investments June 30, 2022 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 93.6% | |||
| Principal Amount | Value | ||
| Guam - 0.1% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | |||
| 6.25% 10/1/34 (a) | $425,000 | $439,935 | |
| 6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) | 275,000 | 289,292 | |
| TOTAL GUAM | 729,227 | ||
| Pennsylvania - 91.8% | |||
| Allegheny County Series C: | |||
| 5% 12/1/28 | 1,000,000 | 1,066,190 | |
| 5% 12/1/30 | 1,365,000 | 1,455,019 | |
| Allegheny County Arpt. Auth. Rev. Series 2021 A, 5% 1/1/51 (a) | 12,000,000 | 12,490,922 | |
| Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.: | |||
| Series 2017, 5% 10/15/47 | 1,660,000 | 1,620,629 | |
| Series 2018: | |||
| 5% 3/1/33 | 1,570,000 | 1,686,781 | |
| 5% 3/1/34 | 2,250,000 | 2,412,508 | |
| Series 2022 A: | |||
| 5% 3/1/24 (b) | 500,000 | 514,893 | |
| 5% 3/1/25 (b) | 500,000 | 523,979 | |
| 5% 3/1/27 (b) | 1,740,000 | 1,872,015 | |
| 5% 3/1/31 (b) | 1,105,000 | 1,218,481 | |
| 5% 3/1/34 (b) | 645,000 | 709,351 | |
| Allegheny County Indl. Dev. Auth. Rev. Series 2021, 4.25% 12/1/50 | 3,000,000 | 2,157,334 | |
| Allegheny County Sanitation Auth. Swr. Rev. Series 2018, 5% 6/1/43 | 4,785,000 | 5,174,913 | |
| Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021: | |||
| 5% 7/1/41 | 2,500,000 | 2,441,508 | |
| 5% 7/1/54 | 4,500,000 | 4,234,216 | |
| Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A: | |||
| 5% 7/1/26 | 500,000 | 527,528 | |
| 5% 7/1/27 | 490,000 | 514,424 | |
| 5% 7/1/28 | 540,000 | 563,114 | |
| 5% 7/1/29 | 710,000 | 737,575 | |
| 5% 7/1/30 | 685,000 | 709,863 | |
| 5% 7/1/35 | 1,885,000 | 1,932,338 | |
| 5% 7/1/39 | 6,675,000 | 6,763,908 | |
| Cap. Region Wtr. Wtr. Rev. Series 2018: | |||
| 5% 7/15/28 | 1,300,000 | 1,458,139 | |
| 5% 7/15/30 | 1,500,000 | 1,689,072 | |
| 5% 7/15/31 | 1,250,000 | 1,402,468 | |
| Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | |||
| Series 2016 A: | |||
| 4% 11/15/32 | 350,000 | 353,163 | |
| 4% 11/15/34 | 250,000 | 250,852 | |
| 4% 11/15/35 | 200,000 | 200,505 | |
| 5% 11/15/28 | 840,000 | 887,446 | |
| 5% 11/15/29 | 1,625,000 | 1,706,833 | |
| 5% 11/15/30 | 685,000 | 716,581 | |
| Series 2016 B: | |||
| 4% 11/15/40 | 600,000 | 591,601 | |
| 4% 11/15/47 | 3,605,000 | 3,381,290 | |
| Series 2018 A: | |||
| 5% 11/15/26 | 1,140,000 | 1,253,184 | |
| 5% 11/15/27 | 225,000 | 250,300 | |
| 5% 11/15/28 | 200,000 | 217,471 | |
| 5% 11/15/29 | 200,000 | 215,550 | |
| Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 5% 10/1/35 | 2,125,000 | 2,262,148 | |
| Commonwealth Fing. Auth. Rev.: | |||
| Series 2019 B: | |||
| 5% 6/1/28 | 1,000,000 | 1,120,242 | |
| 5% 6/1/29 | 1,000,000 | 1,130,544 | |
| 5% 6/1/30 | 1,000,000 | 1,136,908 | |
| 5% 6/1/31 | 1,150,000 | 1,313,143 | |
| Series 2020 A, 5% 6/1/32 | 3,500,000 | 3,901,912 | |
| Cumberland County Muni. Auth. Rev. (Dickinson College Proj.): | |||
| Series 2012, 5% 11/1/37 | 1,520,000 | 1,537,465 | |
| Series 2016: | |||
| 5% 5/1/30 | 1,000,000 | 1,084,466 | |
| 5% 5/1/31 | 500,000 | 540,908 | |
| 5% 5/1/32 | 750,000 | 808,816 | |
| 5% 5/1/33 | 2,210,000 | 2,380,817 | |
| 5% 5/1/34 | 1,000,000 | 1,075,790 | |
| Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019: | |||
| 5% 5/1/39 | 1,100,000 | 1,087,597 | |
| 5% 5/1/48 | 4,000,000 | 3,821,112 | |
| Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A: | |||
| 5% 6/1/34 | 1,275,000 | 1,324,582 | |
| 5% 6/1/35 | 1,000,000 | 1,035,936 | |
| 5% 6/1/36 | 625,000 | 646,882 | |
| Delaware County Auth. Rev.: | |||
| (Cabrini College) Series 2017, 5% 7/1/47 | 2,000,000 | 1,915,118 | |
| Series 2017, 5% 7/1/25 | 1,000,000 | 1,024,249 | |
| Delaware County Auth. Univ. Rev. Series 2012, 5% 8/1/22 | 300,000 | 300,817 | |
| Doylestown Hosp. Auth. Hosp. Rev.: | |||
| Series 2013 A: | |||
| 5% 7/1/23 | 1,090,000 | 1,115,794 | |
| 5% 7/1/27 | 2,500,000 | 2,532,070 | |
| Series 2016 A, 5% 7/1/46 | 3,500,000 | 3,266,044 | |
| Series 2019, 4% 7/1/45 | 1,350,000 | 1,057,000 | |
| Dubois Hosp. Auth. Hosp. Rev.: | |||
| (Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 | 200,000 | 211,830 | |
| Series 2020: | |||
| 5% 7/15/31 | 1,030,000 | 1,100,164 | |
| 5% 7/15/34 | 1,000,000 | 1,054,751 | |
| 5% 7/15/36 | 1,400,000 | 1,472,420 | |
| 5% 7/15/39 | 1,160,000 | 1,214,085 | |
| Fox Chapel Area School District Series 2013, 5% 8/1/34 | 1,000,000 | 1,018,018 | |
| Geisinger Auth. Health Sys. Rev.: | |||
| Series 2014 A, 4% 6/1/41 | 2,000,000 | 1,954,427 | |
| Series 2017 A2, 5% 2/15/39 | 1,880,000 | 1,978,722 | |
| Indiana County Hosp. Auth. Series 2014 A, 6% 6/1/39 | 1,625,000 | 1,684,519 | |
| Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017: | |||
| 5% 11/1/24 | 590,000 | 622,517 | |
| 5% 11/1/25 | 665,000 | 712,050 | |
| 5% 11/1/27 | 1,105,000 | 1,210,959 | |
| Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016: | |||
| 5% 8/15/31 | 1,000,000 | 1,070,303 | |
| 5% 8/15/33 | 1,000,000 | 1,065,658 | |
| 5% 8/15/34 | 1,000,000 | 1,063,554 | |
| 5% 8/15/36 | 1,000,000 | 1,060,575 | |
| Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 4,010,000 | 4,229,333 | |
| Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A: | |||
| 5% 7/1/36 | 2,905,000 | 3,122,107 | |
| 5% 7/1/44 | 5,000,000 | 5,277,680 | |
| Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 | 3,675,000 | 3,831,988 | |
| Montgomery County Higher Ed. & Health Auth. Rev.: | |||
| Series 2014 A: | |||
| 5% 10/1/22 | 275,000 | 276,853 | |
| 5% 10/1/23 | 1,305,000 | 1,342,736 | |
| 5% 10/1/24 | 335,000 | 348,147 | |
| 5% 10/1/25 | 750,000 | 768,185 | |
| 5% 10/1/26 | 1,000,000 | 1,020,982 | |
| 5% 10/1/27 | 1,000,000 | 1,017,878 | |
| Series 2016 A, 5% 10/1/40 | 4,000,000 | 4,008,924 | |
| Series 2018 A, 5% 9/1/26 | 1,500,000 | 1,626,017 | |
| Series 2019: | |||
| 4% 9/1/34 | 2,500,000 | 2,505,559 | |
| 4% 9/1/35 | 1,400,000 | 1,400,575 | |
| 4% 9/1/36 | 1,200,000 | 1,197,518 | |
| 4% 9/1/37 | 1,000,000 | 994,733 | |
| Montgomery County Indl. Dev. Auth.: | |||
| Series 2015 A, 5.25% 1/15/36 (Pre-Refunded to 1/15/25 @ 100) | 2,000,000 | 2,141,936 | |
| Series 2017: | |||
| 5% 12/1/33 | 2,150,000 | 2,341,796 | |
| 5% 12/1/35 | 1,000,000 | 1,086,349 | |
| 5% 12/1/36 | 2,670,000 | 2,896,964 | |
| 5% 12/1/37 | 1,515,000 | 1,642,402 | |
| Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A: | |||
| 4% 8/15/48 | 4,500,000 | 4,016,206 | |
| 5% 8/15/43 | 2,000,000 | 2,080,788 | |
| 5% 8/15/48 | 2,500,000 | 2,587,524 | |
| Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2017, 5% 11/1/47 | 2,170,000 | 2,331,224 | |
| Pennsylvania Ctfs. Prtn. Series 2018 A: | |||
| 5% 7/1/28 | 400,000 | 446,841 | |
| 5% 7/1/29 | 300,000 | 333,039 | |
| 5% 7/1/30 | 375,000 | 415,514 | |
| 5% 7/1/31 | 425,000 | 470,235 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
| (Drexel Univ. Proj.) Series 2016, 5% 5/1/35 | 2,000,000 | 2,081,388 | |
| (Thomas Jefferson Univ. Proj.) Series 2012, 5% 3/1/23 (Pre-Refunded to 9/1/22 @ 100) | 585,000 | 588,280 | |
| Series 2016, 5% 5/1/33 | 2,200,000 | 2,294,925 | |
| Series 2018 A, 5% 2/15/48 | 4,000,000 | 4,319,892 | |
| Series 2019 A: | |||
| 4% 3/1/37 | 1,150,000 | 1,121,712 | |
| 5% 3/1/36 | 1,000,000 | 1,076,937 | |
| 5% 3/1/38 | 1,055,000 | 1,131,310 | |
| 5% 3/1/39 | 1,000,000 | 1,070,641 | |
| Series 2019: | |||
| 4% 12/1/44 | 1,000,000 | 985,601 | |
| 4% 12/1/48 | 1,000,000 | 972,795 | |
| Pennsylvania Hsg. Fin. Agcy.: | |||
| Series 2019 130A, 4% 10/1/49 | 1,515,000 | 1,535,145 | |
| Series 2019 131, 3.5% 4/1/49 | 3,875,000 | 3,889,615 | |
| Series 2020 13 2A, 3.5% 4/1/51 | 1,775,000 | 1,781,351 | |
| Series 2020 133: | |||
| 5% 10/1/22 | 350,000 | 352,911 | |
| 5% 10/1/23 | 400,000 | 414,552 | |
| 5% 10/1/24 | 850,000 | 900,191 | |
| 5% 10/1/27 | 650,000 | 724,149 | |
| 5% 10/1/28 | 950,000 | 1,067,018 | |
| 5% 4/1/29 | 100,000 | 111,308 | |
| 5% 10/1/29 | 450,000 | 502,892 | |
| Series 2021 134B: | |||
| 5% 10/1/22 (a) | 1,175,000 | 1,184,200 | |
| 5% 4/1/24 (a) | 1,255,000 | 1,305,477 | |
| 5% 10/1/24 (a) | 1,000,000 | 1,048,976 | |
| 5% 10/1/25 (a) | 370,000 | 393,174 | |
| 5% 4/1/26 (a) | 995,000 | 1,062,623 | |
| 5% 10/1/26 (a) | 1,500,000 | 1,608,753 | |
| Series 2021 137: | |||
| 5% 4/1/24 | 225,000 | 236,012 | |
| 5% 10/1/24 | 265,000 | 280,946 | |
| 5% 4/1/25 | 200,000 | 213,997 | |
| 5% 10/1/25 | 220,000 | 237,669 | |
| 5% 4/1/26 | 240,000 | 260,734 | |
| 5% 10/1/26 | 280,000 | 306,703 | |
| 5% 4/1/27 | 225,000 | 247,897 | |
| 5% 10/1/27 | 225,000 | 249,505 | |
| 5% 4/1/28 | 250,000 | 277,925 | |
| 5% 10/1/28 | 260,000 | 290,450 | |
| 5% 4/1/29 | 310,000 | 346,051 | |
| 5% 10/1/29 | 365,000 | 409,155 | |
| Pennsylvania Pub. School Bldg. Auth. School Rev. Series 2014 B2: | |||
| 5% 12/1/24 | 630,000 | 668,498 | |
| 5% 12/1/25 | 335,000 | 356,849 | |
| 5% 12/1/26 | 645,000 | 685,973 | |
| 5% 12/1/27 | 360,000 | 381,999 | |
| Pennsylvania State Univ. Series 2015 A: | |||
| 5% 9/1/30 | 1,100,000 | 1,181,271 | |
| 5% 9/1/31 | 1,415,000 | 1,516,431 | |
| Pennsylvania Tpk. Commission Tpk. Rev.: | |||
| (Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 | 5,000,000 | 5,343,240 | |
| Series 2013 A2: | |||
| 5% 12/1/28 | 500,000 | 545,753 | |
| 5% 12/1/38 | 2,500,000 | 2,688,105 | |
| Series 2014 A, 5% 12/1/31 | 865,000 | 908,168 | |
| Series 2014 A2, 0% 12/1/40 (c) | 5,500,000 | 5,415,669 | |
| Series 2017 A1: | |||
| 5% 12/1/30 | 3,500,000 | 3,871,699 | |
| 5% 12/1/31 | 2,000,000 | 2,200,490 | |
| 5% 12/1/33 | 1,500,000 | 1,634,661 | |
| Series 2018 A2, 5% 12/1/43 | 5,000,000 | 5,334,656 | |
| Series 2019 A, 5% 12/1/37 | 5,815,000 | 6,270,708 | |
| Series 2020 B, 5% 12/1/50 | 5,000,000 | 5,333,500 | |
| Series 2021 A: | |||
| 4% 12/1/44 | 4,000,000 | 3,766,286 | |
| 4% 12/1/45 | 4,000,000 | 3,743,258 | |
| 4% 12/1/50 | 2,000,000 | 1,821,630 | |
| Series 2021 B: | |||
| 4% 12/1/40 | 1,000,000 | 970,883 | |
| 4% 12/1/41 | 1,000,000 | 966,481 | |
| 4% 12/1/42 | 1,500,000 | 1,441,570 | |
| 5% 12/1/46 | 2,000,000 | 2,147,711 | |
| Philadelphia Arpt. Rev.: | |||
| Series 2015 A, 5% 6/15/23 (a) | 200,000 | 205,270 | |
| Series 2017 A, 5% 7/1/42 | 350,000 | 365,555 | |
| Series 2017 B: | |||
| 5% 7/1/31 (a) | 1,000,000 | 1,062,219 | |
| 5% 7/1/33 (a) | 2,250,000 | 2,370,104 | |
| 5% 7/1/37 (a) | 5,065,000 | 5,276,545 | |
| 5% 7/1/42 (a) | 4,000,000 | 4,135,730 | |
| 5% 7/1/47 (a) | 3,035,000 | 3,121,426 | |
| Philadelphia Auth. for Indl. Dev.: | |||
| Series 2016, 5% 4/1/28 | 275,000 | 292,362 | |
| Series 2017, 5% 11/1/47 | 5,000,000 | 5,159,770 | |
| Series 2020 A, 4% 11/1/45 | 3,825,000 | 3,478,021 | |
| Series 2020 C: | |||
| 4% 11/1/35 | 1,750,000 | 1,692,467 | |
| 4% 11/1/36 | 1,500,000 | 1,430,961 | |
| 4% 11/1/37 | 1,255,000 | 1,191,358 | |
| 4% 11/1/38 | 1,000,000 | 942,917 | |
| Philadelphia Gas Works Rev.: | |||
| Series 16 A, 5% 8/1/50 (Assured Guaranty Muni. Corp. Insured) | 8,835,000 | 9,691,272 | |
| Series 2015 13: | |||
| 5% 8/1/29 | 2,000,000 | 2,129,950 | |
| 5% 8/1/30 | 1,500,000 | 1,595,185 | |
| 5% 8/1/31 | 1,100,000 | 1,168,135 | |
| Series 2016 14: | |||
| 5% 10/1/33 | 1,500,000 | 1,617,403 | |
| 5% 10/1/34 | 500,000 | 538,515 | |
| Philadelphia Gen. Oblig.: | |||
| Series 2017 A, 5% 8/1/30 | 1,500,000 | 1,629,732 | |
| Series 2019 B: | |||
| 5% 2/1/38 | 3,000,000 | 3,232,806 | |
| 5% 2/1/39 | 2,600,000 | 2,780,455 | |
| Philadelphia Redev. Auth. Rev. Series 2015 A, 5% 4/15/29 | 3,000,000 | 3,207,359 | |
| Philadelphia School District: | |||
| Series 2018 A: | |||
| 5% 9/1/29 | 1,250,000 | 1,381,967 | |
| 5% 9/1/30 | 1,000,000 | 1,097,618 | |
| 5% 9/1/33 | 1,000,000 | 1,085,237 | |
| Series 2019 A: | |||
| 4% 9/1/37 | 2,100,000 | 2,119,917 | |
| 4% 9/1/38 | 2,300,000 | 2,318,359 | |
| 4% 9/1/39 | 2,000,000 | 2,011,261 | |
| Philadelphia Wtr. & Wastewtr. Rev.: | |||
| Series 2015 B, 5% 7/1/30 | 3,500,000 | 3,740,148 | |
| Series 2017 B: | |||
| 5% 11/1/29 | 3,000,000 | 3,327,769 | |
| 5% 11/1/30 | 3,700,000 | 4,088,393 | |
| Series 2020, 5% 10/1/40 | 3,195,000 | 3,516,303 | |
| Pittsburgh & Allegheny County Parking Sys. Series 2017: | |||
| 5% 12/15/31 | 1,000,000 | 1,111,959 | |
| 5% 12/15/32 | 500,000 | 554,787 | |
| 5% 12/15/33 | 500,000 | 553,849 | |
| Pittsburgh Gen. Oblig. Series 2014, 5% 9/1/23 (Build America Mutual Assurance Insured) | 575,000 | 596,317 | |
| Pittsburgh School District Series 2015, 5% 9/1/23 (Assured Guaranty Muni. Corp. Insured) | 1,085,000 | 1,125,479 | |
| Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.: | |||
| Series 2019 A, 5% 9/1/44 (Assured Guaranty Muni. Corp. Insured) | 3,600,000 | 3,977,744 | |
| Series 2019 B: | |||
| 4% 9/1/34 (Assured Guaranty Muni. Corp. Insured) | 2,000,000 | 2,075,716 | |
| 4% 9/1/35 (Assured Guaranty Muni. Corp. Insured) | 400,000 | 412,941 | |
| Reading School District Series 2017: | |||
| 5% 3/1/35 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,088,144 | |
| 5% 3/1/36 (Assured Guaranty Muni. Corp. Insured) | 1,050,000 | 1,138,906 | |
| 5% 3/1/37 (Assured Guaranty Muni. Corp. Insured) | 1,600,000 | 1,729,597 | |
| Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B, 5% 11/15/26 | 1,000,000 | 1,106,247 | |
| Southcentral Pennsylvania Gen. Auth. Rev. Series 2015: | |||
| 4% 12/1/30 | 1,040,000 | 1,062,073 | |
| 5% 12/1/22 | 30,000 | 30,409 | |
| 5% 12/1/27 | 1,480,000 | 1,572,822 | |
| 5% 12/1/29 | 1,000,000 | 1,050,876 | |
| Susquehanna Area Reg'l. Arp Auth. Series 2017: | |||
| 5% 1/1/35 (a) | 1,000,000 | 1,029,787 | |
| 5% 1/1/38 (a) | 1,125,000 | 1,152,602 | |
| Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48 | 6,000,000 | 6,418,323 | |
| West Mifflin Area School District Series 2016: | |||
| 5% 4/1/24 (Assured Guaranty Muni. Corp. Insured) | 1,250,000 | 1,305,712 | |
| 5% 4/1/26 (Assured Guaranty Muni. Corp. Insured) | 1,000,000 | 1,082,677 | |
| 5% 4/1/28 (Assured Guaranty Muni. Corp. Insured) | 1,390,000 | 1,528,426 | |
| Westmoreland County Indl. Dev. Auth. (Excela Health Proj.) Series 2020 A: | |||
| 4% 7/1/22 | 600,000 | 600,000 | |
| 4% 7/1/23 | 1,125,000 | 1,139,934 | |
| 4% 7/1/26 | 1,000,000 | 1,027,908 | |
| 4% 7/1/37 | 1,400,000 | 1,310,376 | |
| 5% 7/1/27 | 200,000 | 215,076 | |
| 5% 7/1/28 | 1,130,000 | 1,220,255 | |
| 5% 7/1/29 | 500,000 | 543,001 | |
| 5% 7/1/30 | 1,000,000 | 1,090,230 | |
| TOTAL PENNSYLVANIA | 395,509,900 | ||
| Pennsylvania, New Jersey - 1.1% | |||
| Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A: | |||
| 5% 1/1/37 | 1,000,000 | 1,075,190 | |
| 5% 1/1/38 | 1,300,000 | 1,395,102 | |
| 5% 1/1/39 | 1,000,000 | 1,066,161 | |
| 5% 1/1/40 | 1,100,000 | 1,164,314 | |
| TOTAL PENNSYLVANIA, NEW JERSEY | 4,700,767 | ||
| Puerto Rico - 0.6% | |||
| Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | |||
| 0% 7/1/33 | 1,225,367 | 688,270 | |
| 5.625% 7/1/27 | 145,000 | 154,246 | |
| 5.625% 7/1/29 | 440,000 | 472,453 | |
| 5.75% 7/1/31 | 1,045,000 | 1,141,208 | |
| TOTAL PUERTO RICO | 2,456,177 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $424,005,463) | 403,396,071 | ||
| TOTAL INVESTMENT IN SECURITIES - 93.6% | |||
| (Cost $424,005,463) | 403,396,071 | ||
| NET OTHER ASSETS (LIABILITIES) - 6.4% | 27,434,257 | ||
| NET ASSETS - 100% | $430,830,328 |
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.
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Municipal Securities | $403,396,071 | $-- | $403,396,071 | $-- |
| Total Investments in Securities: | $403,396,071 | $-- | $403,396,071 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| Health Care | 25.9% |
| Transportation | 20.8% |
| Education | 18.1% |
| General Obligations | 11.6% |
| Water & Sewer | 7.1% |
| Housing | 5.2% |
| Others (Individually Less Than 5%) | 4.9% |
| Net Other Assets (Liabilities) | 6.4% |
| 100.0% |
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, 2022 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $424,005,463) | $403,396,071 | |
| Cash | 28,584,858 | |
| Receivable for fund shares sold | 324,873 | |
| Interest receivable | 5,338,288 | |
| Other receivables | 991 | |
| Total assets | 437,645,081 | |
| Liabilities | ||
| Payable for investments purchased | ||
| Regular delivery | $245,231 | |
| Delayed delivery | 5,230,851 | |
| Payable for fund shares redeemed | 864,064 | |
| Distributions payable | 280,332 | |
| Accrued management fee | 125,478 | |
| Other affiliated payables | 45,739 | |
| Other payables and accrued expenses | 23,058 | |
| Total liabilities | 6,814,753 | |
| Net Assets | $430,830,328 | |
| Net Assets consist of: | ||
| Paid in capital | $452,551,997 | |
| Total accumulated earnings (loss) | (21,721,669) | |
| Net Assets | $430,830,328 | |
| Net Asset Value, offering price and redemption price per share ($430,830,328 ÷ 41,668,292 shares) | $10.34 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2022 (Unaudited) | ||
| Investment Income | ||
| Interest | $6,709,181 | |
| Expenses | ||
| Management fee | $842,643 | |
| Transfer agent fees | 241,318 | |
| Accounting fees and expenses | 62,148 | |
| Custodian fees and expenses | 4,174 | |
| Independent trustees' fees and expenses | 765 | |
| Registration fees | 21,925 | |
| Audit | 24,488 | |
| Legal | 7,119 | |
| Miscellaneous | 1,001 | |
| Total expenses before reductions | 1,205,581 | |
| Expense reductions | (8,418) | |
| Total expenses after reductions | 1,197,163 | |
| Net investment income (loss) | 5,512,018 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (1,296,571) | |
| Total net realized gain (loss) | (1,296,571) | |
| Change in net unrealized appreciation (depreciation) on investment securities | (55,004,760) | |
| Net gain (loss) | (56,301,331) | |
| Net increase (decrease) in net assets resulting from operations | $(50,789,313) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $5,512,018 | $11,924,047 |
| Net realized gain (loss) | (1,296,571) | 417,639 |
| Change in net unrealized appreciation (depreciation) | (55,004,760) | 77,355 |
| Net increase (decrease) in net assets resulting from operations | (50,789,313) | 12,419,041 |
| Distributions to shareholders | (5,511,396) | (12,540,010) |
| Share transactions | ||
| Proceeds from sales of shares | 93,396,124 | 97,699,349 |
| Reinvestment of distributions | 3,520,634 | 7,886,844 |
| Cost of shares redeemed | (164,732,686) | (86,105,495) |
| Net increase (decrease) in net assets resulting from share transactions | (67,815,928) | 19,480,698 |
| Total increase (decrease) in net assets | (124,116,637) | 19,359,729 |
| Net Assets | ||
| Beginning of period | 554,946,965 | 535,587,236 |
| End of period | $430,830,328 | $554,946,965 |
| Other Information | ||
| Shares | ||
| Sold | 8,745,755 | 8,417,034 |
| Issued in reinvestment of distributions | 326,493 | 679,894 |
| Redeemed | (15,303,980) | (7,423,996) |
| Net increase (decrease) | (6,231,732) | 1,672,932 |
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, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| Selected Per–Share Data | ||||||
| Net asset value, beginning of period | $11.59 | $11.59 | $11.39 | $10.92 | $11.18 | $10.97 |
| Income from Investment Operations | ||||||
| Net investment income (loss)A,B | .124 | .251 | .275 | .310 | .314 | .328 |
| Net realized and unrealized gain (loss) | (1.250) | .013 | .209 | .523 | (.226) | .257 |
| Total from investment operations | (1.126) | .264 | .484 | .833 | .088 | .585 |
| Distributions from net investment income | (.124) | (.251) | (.272) | (.307) | (.314) | (.328) |
| Distributions from net realized gain | – | (.013) | (.012) | (.056) | (.034) | (.047) |
| Total distributions | (.124) | (.264) | (.284) | (.363) | (.348) | (.375) |
| Net asset value, end of period | $10.34 | $11.59 | $11.59 | $11.39 | $10.92 | $11.18 |
| Total ReturnC,D | (9.76)% | 2.30% | 4.32% | 7.71% | .84% | 5.41% |
| Ratios to Average Net AssetsB,E,F | ||||||
| Expenses before reductions | .50%G | .48% | .49% | .48% | .48% | .48% |
| Expenses net of fee waivers, if any | .50%G | .48% | .49% | .48% | .48% | .48% |
| Expenses net of all reductions | .50%G | .48% | .48% | .48% | .48% | .48% |
| Net investment income (loss) | 2.29%G | 2.16% | 2.42% | 2.74% | 2.88% | 2.95% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $430,830 | $554,947 | $535,587 | $516,717 | $452,519 | $480,405 |
| Portfolio turnover rateH | 4%G | 5% | 17% | 20% | 15% | 12% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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, 2022
| Days | % of fund's investments 6/30/22 |
| 1 - 7 | 92.9 |
| 8 - 30 | 1.1 |
| 31 - 60 | 1.2 |
| 61 - 90 | 2.7 |
| 91 - 180 | 1.4 |
| > 180 | 0.7 |
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, 2022 | ||
| Variable Rate Demand Notes (VRDNs) | 35.6% | |
| Tender Option Bond | 46.8% | |
| Other Municipal Security | 8.5% | |
| Investment Companies | 9.1% | |
Current 7-Day Yields
| 6/30/22 | |
| Fidelity® Pennsylvania Municipal Money Market Fund | 0.52% |
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, 2022 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 35.6% | |||
| Principal Amount | Value | ||
| Alabama - 0.7% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.19% 7/7/22, VRDN (a)(b) | $800,000 | $800,000 | |
| West Jefferson Indl. Dev. Series 2008, 1.1% 7/7/22, VRDN (b) | 200,000 | 200,000 | |
| 1,000,000 | |||
| Kansas - 0.6% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 1.05% 7/7/22, VRDN (b) | 100,000 | 100,000 | |
| Series 2007 B, 1.05% 7/7/22, VRDN (b) | 300,000 | 300,000 | |
| St. Mary's Kansas Poll. Cont. Rev. Series 1994, 1% 7/7/22, VRDN (b) | 500,000 | 500,000 | |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 1% 7/7/22, VRDN (b) | 100,000 | 100,000 | |
| 1,000,000 | |||
| Nebraska - 0.3% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.19% 7/7/22, VRDN (a)(b) | 400,000 | 400,000 | |
| Pennsylvania - 32.8% | |||
| Allegheny County Hosp. Dev. Auth. Rev. Series 2016 A, 1.01% 7/7/22, LOC Truist Bank, VRDN (b) | 3,000,000 | 3,000,000 | |
| Beaver County Indl. Dev. Auth. Series 2018 A, 1.01% 7/7/22, LOC Truist Bank, VRDN (b)(c) | 1,810,000 | 1,810,000 | |
| Chester County Health & Ed. Auth. Rev. Series 2009, 0.98% 7/7/22, LOC Manufacturers & Traders Trust Co., VRDN (b) | 2,460,000 | 2,460,000 | |
| Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 0.7% 7/1/22, VRDN (b) | 4,755,000 | 4,755,000 | |
| Delaware Valley Reg'l. Fin. Auth. Local Govt. Rev. Series 2020 D, 0.9% 7/7/22, LOC TD Banknorth, NA, VRDN (b) | 2,000,000 | 2,000,000 | |
| Haverford Township School District Series 2009, 0.89% 7/7/22, LOC TD Banknorth, NA, VRDN (b) | 2,885,000 | 2,885,000 | |
| Lancaster Indl. Dev. Auth. Rev.: | |||
| (Mennonite Home Proj.) Series 2007, 1.05% 7/7/22, LOC Manufacturers & Traders Trust Co., VRDN (b) | 4,925,000 | 4,925,000 | |
| (Willow Valley Retirement Proj.) Series 2009 B, 0.95% 7/7/22, LOC PNC Bank NA, VRDN (b) | 1,000,000 | 1,000,000 | |
| Lehigh County Gen. Purp. Hosp. Rev. Series 2019 B, 0.9% 7/7/22, LOC Bank of America NA, VRDN (b) | 900,000 | 900,000 | |
| Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 1% 7/7/22, LOC Citizens Bank NA, VRDN (b) | 400,000 | 400,000 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev. (Univ. of Pennsylvania Health Sys. Proj.) Series 2008 A, 0.91% 7/7/22, LOC Bank of America NA, VRDN (b) | 2,000,000 | 2,000,000 | |
| Philadelphia Arpt. Rev. Series 2005 C1, 0.98% 7/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
| Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.98% 7/7/22, LOC Citizens Bank NA, VRDN (b) | 3,295,000 | 3,295,000 | |
| Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 B2, 0.89% 7/7/22, LOC TD Banknorth, NA, VRDN (b) | 6,600,000 | 6,600,000 | |
| Philadelphia Gas Works Rev. Series 2009 D, 0.96% 7/7/22, LOC TD Banknorth, NA, VRDN (b) | 200,000 | 200,000 | |
| FHLMC Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. (Foxwood Manor Apts. Proj.) Series 2008 O, 0.9% 7/7/22, LOC Freddie Mac, VRDN (b) | 300,000 | 300,000 | |
| FNMA Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 0.97% 7/7/22, LOC Fannie Mae, VRDN (b) | 12,375,000 | 12,375,000 | |
| 50,005,000 | |||
| South Carolina - 0.1% | |||
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1997, 1.19% 7/7/22, VRDN (a)(b) | 100,000 | 100,000 | |
| West Virginia - 1.1% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 1.02% 7/7/22, VRDN (a)(b) | 500,000 | 500,000 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1% 7/7/22, VRDN (a)(b) | 1,200,000 | 1,200,000 | |
| 1,700,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $54,205,000) | 54,205,000 | ||
| Tender Option Bond - 46.8% | |||
| Colorado - 0.0% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | 100,000 | 100,000 | |
| Connecticut - 0.3% | |||
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 300,000 | 300,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 200,000 | 200,000 | |
| 500,000 | |||
| Florida - 0.0% | |||
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) | 100,000 | 100,000 | |
| Kentucky - 0.2% | |||
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 1.01% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(f) | 200,000 | 200,000 | |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 100,000 | 100,000 | |
| 300,000 | |||
| Mississippi - 0.1% | |||
| Mississippi Bus. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 05, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(f) | 100,000 | 100,000 | |
| Ohio - 0.1% | |||
| Ohio Hosp. Rev. Participating VRDN Series 002, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 100,000 | 100,000 | |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 100,000 | 100,000 | |
| 200,000 | |||
| Pennsylvania - 45.7% | |||
| Allegheny County Sanitation Auth. Swr. Rev. Participating VRDN Series Floaters XM 00 82, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 6,665,000 | 6,665,000 | |
| Central Bradford Progress Auth. Rev. Participating VRDN: | |||
| Series 2021 XF 12 59, 0.95% 7/7/22 (Liquidity Facility Bank of America NA)(b)(d)(f) | 800,000 | 800,000 | |
| Series XF 13 46, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) | 2,165,000 | 2,165,000 | |
| Commonwealth Fing. Auth. Tobacco Participating VRDN Series XX 10 80, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 2,700,000 | 2,700,000 | |
| Geisinger Auth. Health Sys. Rev. Participating VRDN: | |||
| Series Floaters XF 05 43, 0.98% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) | 3,500,000 | 3,500,000 | |
| Series Floaters YX 10 49, 0.99% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 1,885,000 | 1,885,000 | |
| Series XF 09 69, 0.98% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) | 1,900,000 | 1,900,000 | |
| Series XM 08 87, 1.06% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) | 1,900,000 | 1,900,000 | |
| Lancaster County Hosp. Auth. Health Ctr. Rev. Participating VRDN Series 16 ZF0383, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(f) | 3,750,000 | 3,750,000 | |
| Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series ZF 08 33, 0.95% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) | 1,680,000 | 1,680,000 | |
| Montgomery County Higher Ed. & Health Auth. Rev. Participating VRDN: | |||
| Series Floaters ZF 07 95, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) | 2,200,000 | 2,200,000 | |
| Series XF 28 85, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 2,500,000 | 2,500,000 | |
| Northampton County Gen. Purp. College Rev. Participating VRDN Series Floaters ZM 05 17, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(f) | 7,500,000 | 7,500,000 | |
| Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(f) | 299,500 | 299,500 | |
| Pennsylvania Gen. Oblig. Participating VRDN Series Floaters ZM 06 50, 0.94% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) | 975,000 | 975,000 | |
| Pennsylvania State Univ. Participating VRDN Series XM 08 27, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) | 2,900,000 | 2,900,000 | |
| Pennsylvania Tpk. Commission Registration Fee Rev. Participating VRDN: | |||
| Series Putters 5025, 0.68% 7/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) | 3,000,000 | 3,000,000 | |
| Series Putters 5026, 0.68% 7/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) | 400,000 | 400,000 | |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN: | |||
| Series XM 10 08, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) | 1,000,000 | 1,000,000 | |
| Series XX 11 34, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 1,300,000 | 1,300,000 | |
| Philadelphia Arpt. Rev. Participating VRDN: | |||
| Series YX 11 44, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 3,000,000 | 3,000,000 | |
| Series YX 12 11, 0.98% 7/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(f) | 1,600,000 | 1,600,000 | |
| Philadelphia Auth. for Indl. Dev. Participating VRDN: | |||
| Series XG 02 53, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) | 2,100,000 | 2,100,000 | |
| Series XM 00 05, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) | 4,200,000 | 4,200,000 | |
| Philadelphia School District Participating VRDN Series XM 08 60, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) | 1,625,000 | 1,625,000 | |
| Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series Floaters XF 07 19, 0.95% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) | 1,000,000 | 1,000,000 | |
| Southcentral Pennsylvania Gen. Auth. Rev. Participating VRDN Series XL 01 04, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(f) | 1,500,000 | 1,500,000 | |
| Westmoreland County Muni. Auth. Muni. Svc. Rev. Participating VRDN Series XF 10 58, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) | 3,270,000 | 3,270,000 | |
| Wilkes-Barre Area School District Participating VRDN Series Floaters XF 07 77, 0.95% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) | 2,285,000 | 2,285,000 | |
| 69,599,500 | |||
| South Carolina - 0.1% | |||
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) | 100,000 | 100,000 | |
| Tennessee - 0.1% | |||
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(f) | 100,000 | 100,000 | |
| Virginia - 0.2% | |||
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(f) | 290,000 | 290,000 | |
| TOTAL TENDER OPTION BOND | |||
| (Cost $71,389,500) | 71,389,500 | ||
| Other Municipal Security - 8.5% | |||
| Pennsylvania, New Jersey - 0.7% | |||
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Bonds Series 2012 A, 5% | 1,020,000 | 1,020,000 | |
| Pennsylvania - 7.8% | |||
| Pennsylvania Gen. Oblig. Bonds: | |||
| Series 2012, 5% 7/1/22 | 1,185,000 | 1,185,000 | |
| Series 2014, 5% 7/1/22 | 1,075,000 | 1,075,000 | |
| Series 2015 1, 5% 8/15/22 | 400,000 | 401,711 | |
| Series 2016 2, 5% 9/15/22 | 225,000 | 227,198 | |
| Series 2019, 5% 7/15/22 | 1,600,000 | 1,602,279 | |
| Pennsylvania Hsg. Fin. Agcy. Bonds Series 2021 134B, 5% 4/1/23 (a) | 1,000,000 | 1,018,767 | |
| Philadelphia Wtr. & Wastewtr. Rev. Series 2022 B, 1.16% 8/4/22, LOC Royal Bank of Canada, CP | 1,000,000 | 1,000,000 | |
| Pittsburgh Gen. Oblig. Bonds Series 2012 B: | |||
| 5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) | 2,940,000 | 2,957,499 | |
| 5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) | 1,000,000 | 1,005,852 | |
| Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Bonds Series 2022 B2, 1.67% tender 10/20/22, CP mode | 1,500,000 | 1,500,000 | |
| 11,973,306 | |||
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $12,993,306) | 12,993,306 | ||
| Shares | Value | ||
| Investment Company - 9.1% | |||
| Fidelity Municipal Cash Central Fund 0.88% (g)(h) | |||
| (Cost $13,879,874) | 13,877,475 | 13,879,874 | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
| (Cost $152,467,680) | 152,467,680 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.0% | (62,057) | ||
| NET ASSETS - 100% | $152,405,623 |
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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Restricted securities (including private placements) - 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 $700,000 or 0.5% of net assets.
(f) Coupon rates are determined by re-marketing agents based on current market conditions.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $200,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) | 5/3/21 | $100,000 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Municipal Cash Central Fund 0.88% | $5,440,706 | $42,398,000 | $33,959,000 | $30,123 | $168 | $-- | $13,879,874 | 0.9% |
| Total | $5,440,706 | $42,398,000 | $33,959,000 | $30,123 | $168 | $-- | $13,879,874 |
Amounts in the income column in the above table include 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, 2022 (Unaudited) | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $138,587,806) | $138,587,806 | |
| Fidelity Central Funds (cost $13,879,874) | 13,879,874 | |
| Total Investment in Securities (cost $152,467,680) | $152,467,680 | |
| Cash | 1,393 | |
| Receivable for fund shares sold | 19,692 | |
| Interest receivable | 353,267 | |
| Distributions receivable from Fidelity Central Funds | 11,227 | |
| Other receivables | 48 | |
| Total assets | 152,853,307 | |
| Liabilities | ||
| Payable for investments purchased on a delayed delivery basis | $300,000 | |
| Payable for fund shares redeemed | 80,993 | |
| Distributions payable | 2,239 | |
| Accrued management fee | 64,452 | |
| Total liabilities | 447,684 | |
| Net Assets | $152,405,623 | |
| Net Assets consist of: | ||
| Paid in capital | $152,378,447 | |
| Total accumulated earnings (loss) | 27,176 | |
| Net Assets | $152,405,623 | |
| Net Asset Value, offering price and redemption price per share ($152,405,623 ÷ 152,133,347 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Six months ended June 30, 2022 (Unaudited) | ||
| Investment Income | ||
| Interest | $342,392 | |
| Income from Fidelity Central Funds | 30,123 | |
| Total income | 372,515 | |
| Expenses | ||
| Management fee | $394,018 | |
| Independent trustees' fees and expenses | 240 | |
| Total expenses before reductions | 394,258 | |
| Expense reductions | (112,559) | |
| Total expenses after reductions | 281,699 | |
| Net investment income (loss) | 90,816 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 27,013 | |
| Fidelity Central Funds | 168 | |
| Total net realized gain (loss) | 27,181 | |
| Net increase in net assets resulting from operations | $117,997 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Six months ended June 30, 2022 (Unaudited) | Year ended December 31, 2021 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $90,816 | $16,968 |
| Net realized gain (loss) | 27,181 | 109,575 |
| Net increase in net assets resulting from operations | 117,997 | 126,543 |
| Distributions to shareholders | (90,820) | (136,843) |
| Share transactions | ||
| Proceeds from sales of shares | 9,967,870 | 26,624,972 |
| Reinvestment of distributions | 86,549 | 129,646 |
| Cost of shares redeemed | (19,598,008) | (43,810,109) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (9,543,589) | (17,055,491) |
| Total increase (decrease) in net assets | (9,516,412) | (17,065,791) |
| Net Assets | ||
| Beginning of period | 161,922,035 | 178,987,826 |
| End of period | $152,405,623 | $161,922,035 |
| Other Information | ||
| Shares | ||
| Sold | 9,967,870 | 26,624,972 |
| Issued in reinvestment of distributions | 86,549 | 129,646 |
| Redeemed | (19,598,008) | (43,810,109) |
| Net increase (decrease) | (9,543,589) | (17,055,491) |
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, | |||||
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
| 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)A | .001 | –B | .003 | .010 | .010 | .004 |
| Net realized and unrealized gain (loss) | –B | .001 | –B | .001 | –B | –B |
| Total from investment operations | .001 | .001 | .003 | .011 | .010 | .004 |
| Distributions from net investment income | (.001) | –B | (.003) | (.010) | (.010) | (.004) |
| Distributions from net realized gain | – | (.001) | –B | –B | – | –B |
| Total distributions | (.001) | (.001) | (.003) | (.011)C | (.010) | (.004) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnD,E | .06% | .08% | .37% | 1.06% | .97% | .40% |
| Ratios to Average Net AssetsA,F,G | ||||||
| Expenses before reductions | .50%H | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .36%H | .10% | .34% | .50% | .50% | .50% |
| Expenses net of all reductions | .36%H | .10% | .34% | .50% | .50% | .50% |
| Net investment income (loss) | .12%H | .01% | .35% | 1.03% | .96% | .38% |
| Supplemental Data | ||||||
| Net assets, end of period (000 omitted) | $152,406 | $161,922 | $178,988 | $207,008 | $240,412 | $284,994 |
A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
B Amount represents less than $.0005 per share.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended June 30, 2022
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.
Effective after the close of business on July 15, 2022, Fidelity Pennsylvania Municipal Money Market Fund was closed to new accounts with certain exceptions.
2. Investments in Fidelity Central Funds.
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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment 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. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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. The aggregate value of investments by input level as of June 30, 2022 is included at the end of the Fund's Schedule of Investments.
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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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 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 Pennsylvania Municipal Income Fund | $423,997,531 | $1,593,306 | $(22,194,766) | $(20,601,460) |
| Fidelity Pennsylvania Municipal Money Market Fund | 152,467,680 | – | – | – |
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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. 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. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. 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 (including Private Placements). 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 held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Pennsylvania Municipal Income Fund | 9,218,968 | 89,551,286 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (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 .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. 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 .35% of the Fund's average net assets.
Fidelity Management & Research Company LLC (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.
During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (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 | .10% |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting 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. 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, any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Pennsylvania Municipal Income Fund | – | – | – |
| Fidelity Pennsylvania Municipal Money Market Fund | 4,870,000 | 2,400,000 | – |
6. Committed Line of Credit.
Certain Funds participate 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 listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Pennsylvania Municipal Income Fund | $448 |
7. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $112,498.
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.
| Custodian credits | |
| Fidelity Pennsylvania Municipal Income Fund | $4,174 |
| Fidelity Pennsylvania Municipal Money Market Fund | 61 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| Amount | |
| Fidelity Pennsylvania Municipal Income Fund | $4,244 |
8. Other.
A fund's 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 fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
10. Proposed Reorganization.
The Board of Trustees of Fidelity Pennsylvania Municipal Money Market Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Pennsylvania Municipal Money Market Fund and Fidelity Municipal Money Market Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Pennsylvania Municipal Money Market Fund in exchange for shares of Fidelity Municipal Money Market Fund equal in value to the net assets of Fidelity Pennsylvania Municipal Money Market Fund on the day the reorganization is effective.
A meeting of shareholders of Fidelity Pennsylvania Municipal Money Market Fund is expected to be held during the fourth quarter of 2022 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on December 2, 2022. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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, 2022 to June 30, 2022).
Actual Expenses
The first line of the accompanying table 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 class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the 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 provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During Period-B January 1, 2022 to June 30, 2022 | |
| Fidelity Pennsylvania Municipal Income Fund | .50% | |||
| Actual | $1,000.00 | $902.40 | $2.36 | |
| Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 | |
| Fidelity Pennsylvania Municipal Money Market Fund | .36% | |||
| Actual | $1,000.00 | $1,000.60 | $1.79** | |
| Hypothetical-C | $1,000.00 | $1,023.01 | $1.81** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses.
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| Annualized Expense Ratio-(a) | Expenses Paid | |
| Fidelity Pennsylvania Municipal Money Market Fund | .50% | |
| Actual | $2.48 | |
| Hypothetical-(b) | $2.51 | |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Pennsylvania Municipal Income Fund (the Income Fund) has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Income Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Income Fund’s Board of Trustees (the Board) has designated the Income Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
PFR-SANN-0822
1.705577.124
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) | |
(a) | (3) | Not applicable. |
(b) |
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 19, 2022 |
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 19, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 19, 2022 |