Quarterly Holdings Report
for
Fidelity Flex℠ Funds
Fidelity Flex℠ Municipal Income Fund
March 31, 2019
Schedule of Investments March 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 87.3% | |||
| Principal Amount | Value | ||
| Alabama - 1.0% | |||
| Auburn Univ. Gen. Fee Rev. Series 2018 A, 5% 6/1/43 | 100,000 | 118,095 | |
| Jefferson County Gen. Oblig. Series 2018 A: | |||
| 5% 4/1/25 | $100,000 | $116,566 | |
| 5% 4/1/26 | 100,000 | 118,806 | |
| Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.85%, tender 3/24/20 (a) | 900,000 | 894,296 | |
| TOTAL ALABAMA | 1,247,763 | ||
| Alaska - 0.0% | |||
| Alaska Int'l. Arpts. Revs. Series 2010 A, 5% 10/1/23 (b) | 30,000 | 31,400 | |
| Arizona - 2.5% | |||
| Arizona Board of Regents Arizona State Univ. Rev. Series 2012 A, 5% 7/1/32 (Pre-Refunded to 7/1/22 @ 100) | 10,000 | 11,061 | |
| Arizona Ctfs. of Prtn. Series 2019 A, 5% 10/1/24 (c) | 80,000 | 91,973 | |
| Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2015 A, 5% 1/1/21 | 25,000 | 26,423 | |
| Arizona Indl. Dev. Auth. Rev. (Provident Group-Eastern Michigan Univ. Parking Proj.) Series 2018: | |||
| 5% 5/1/26 | 450,000 | 509,108 | |
| 5% 5/1/29 | 290,000 | 332,511 | |
| 5% 5/1/33 | 565,000 | 639,218 | |
| Arizona State Lottery Rev. Series 2019, 5% 7/1/23 (c) | 415,000 | 460,098 | |
| Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.): | |||
| Series 2005, 2.4%, tender 8/14/23 (a) | 65,000 | 66,002 | |
| Series 2007, 2.7%, tender 8/14/23 (a)(b) | 600,000 | 610,434 | |
| Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A: | |||
| 5% 7/1/38 | 10,000 | 10,460 | |
| 5% 7/1/48 | 10,000 | 10,313 | |
| Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016, 6% 1/1/48 (d) | 200,000 | 204,826 | |
| Tempe Indl. Dev. Auth. Rev. (Mirabella At Asu, Inc. Proj.) Series 2017 A, 6.125% 10/1/52 (d) | 190,000 | 208,510 | |
| Univ. of Arizona Univ. Revs. Series 2015 A, 5% 6/1/22 | 10,000 | 11,055 | |
| TOTAL ARIZONA | 3,191,992 | ||
| California - 1.9% | |||
| California Edl. Facilities Auth. Rev. Series T1, 5% 3/15/39 | 65,000 | 87,121 | |
| California Muni. Fin. Auth. Rev. (LINXS APM Proj.) Series 2018 A, 5% 12/31/47 (b) | 500,000 | 566,425 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | |||
| Series 2019 A, 5% 5/1/49 (b) | 1,000,000 | 1,171,120 | |
| Series 2019 B, 5% 5/1/49 | 45,000 | 53,606 | |
| Washington Township Health Care District Rev.: | |||
| Series 2017 A, 5% 7/1/35 | 190,000 | 216,655 | |
| Series 2017 B: | |||
| 5% 7/1/29 | 115,000 | 135,007 | |
| 5% 7/1/30 | 230,000 | 268,083 | |
| TOTAL CALIFORNIA | 2,498,017 | ||
| Colorado - 1.8% | |||
| Arkansas River Pwr. Auth. Rev. Series 2018 A: | |||
| 5% 10/1/38 | 40,000 | 44,505 | |
| 5% 10/1/43 | 50,000 | 54,914 | |
| Colorado Health Facilities Auth. (Parkview Med. Ctr., Inc. Proj.) Series 2016, 4% 9/1/35 | 35,000 | 36,835 | |
| Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) 0% 7/15/22 (Escrowed to Maturity) | 380,000 | 358,735 | |
| Colorado Health Facilities Auth. Rev. Bonds Series 2016 C, 5%, tender 11/15/26 (a) | 275,000 | 331,359 | |
| Denver City & County Arpt. Rev.: | |||
| Series 2017 A: | |||
| 5% 11/15/23 (b) | 25,000 | 28,412 | |
| 5% 11/15/26 (b) | 50,000 | 60,130 | |
| Series 2018 A, 5% 12/1/34 (b) | 1,125,000 | 1,427,940 | |
| TOTAL COLORADO | 2,342,830 | ||
| Connecticut - 2.7% | |||
| Connecticut Gen. Oblig.: | |||
| Series 2016 B: | |||
| 5% 5/15/25 | 220,000 | 255,686 | |
| 5% 5/15/26 | 125,000 | 147,364 | |
| Series 2018 F: | |||
| 5% 9/15/24 | 100,000 | 115,033 | |
| 5% 9/15/25 | 100,000 | 116,945 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| Series 2012 J, 4% 7/1/19 | 100,000 | 100,490 | |
| Series A, 5% 7/1/26 | 105,000 | 111,702 | |
| Series F, 5% 7/1/21 (Escrowed to Maturity) | 2,215,000 | 2,373,395 | |
| Series K3, 5% 7/1/43 | 215,000 | 238,444 | |
| TOTAL CONNECTICUT | 3,459,059 | ||
| District Of Columbia - 0.3% | |||
| Washington Convention & Sports Auth. Series 2018 A: | |||
| 5% 10/1/23 | 100,000 | 114,024 | |
| 5% 10/1/24 | 100,000 | 116,664 | |
| 5% 10/1/25 | 100,000 | 119,111 | |
| TOTAL DISTRICT OF COLUMBIA | 349,799 | ||
| Florida - 3.8% | |||
| Atlantic Beach Health Care facilities Series A, 5% 11/15/43 | 255,000 | 280,237 | |
| Broward County Arpt. Sys. Rev.: | |||
| Series 2012 Q1, 5% 10/1/21 | 250,000 | 271,223 | |
| Series 2017, 5% 10/1/42 (b) | 1,365,000 | 1,564,099 | |
| Broward County School Board Ctfs. of Prtn. Series 2015 A, 5% 7/1/23 | 50,000 | 56,635 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2017 A, 5% 10/1/31 (b) | 125,000 | 147,994 | |
| Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2013 D, 5% 10/1/20 | 1,480,000 | 1,545,845 | |
| Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (b) | 25,000 | 26,721 | |
| Miami-Dade County Aviation Rev. Series 2015 A, 5% 10/1/27 (b) | 200,000 | 233,688 | |
| Miami-Dade County Expressway Auth. Series 2014 A, 5% 7/1/25 | 395,000 | 456,754 | |
| Miami-Dade County School Board Ctfs. of Prtn.: | |||
| Bonds Series 2014 A, 5%, tender 5/1/24 (a) | 100,000 | 114,220 | |
| Series 2015 D, 5% 2/1/26 | 10,000 | 11,879 | |
| South Miami Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr., FL. Proj.) Series 2017, 5% 8/15/26 | 100,000 | 120,224 | |
| Tampa Hosp. Rev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2016 B, 5% 7/1/29 | 25,000 | 29,140 | |
| TOTAL FLORIDA | 4,858,659 | ||
| Georgia - 1.5% | |||
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2013 1st, 2.925%, tender 3/12/24 (a) | 330,000 | 335,521 | |
| Fulton County Dev. Auth. Rev. Series 2019: | |||
| 4% 6/15/49 (c) | 40,000 | 42,789 | |
| 5% 6/15/52 (c) | 145,000 | 170,504 | |
| Georgia Muni. Elec. Auth. Pwr. Rev.: | |||
| Series 2018 A, 5% 1/1/22 | 375,000 | 405,146 | |
| Series HH, 5% 1/1/22 | 425,000 | 459,166 | |
| Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2017: | |||
| 4% 8/1/43 | 5,000 | 5,063 | |
| 5% 8/1/39 | 5,000 | 5,522 | |
| 5% 8/1/43 | 5,000 | 5,548 | |
| Main Street Natural Gas, Inc. Bonds Series 2018 C, 4%, tender 12/1/23 (a) | 500,000 | 539,225 | |
| TOTAL GEORGIA | 1,968,484 | ||
| Hawaii - 0.1% | |||
| Hawaii Arpts. Sys. Rev. Series 2018 A, 5% 7/1/33 (b) | 125,000 | 148,374 | |
| Illinois - 19.2% | |||
| Chicago Board of Ed.: | |||
| Series 1998 B1, 0% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 45,000 | 41,496 | |
| Series 2011 A, 5% 12/1/41 | 50,000 | 50,997 | |
| Series 2012 A, 5% 12/1/42 | 500,000 | 513,025 | |
| Series 2018 A: | |||
| 5% 12/1/29 | 350,000 | 385,546 | |
| 5% 12/1/31 | 150,000 | 163,250 | |
| Series 2018 C, 5% 12/1/46 | 200,000 | 209,618 | |
| Chicago Midway Arpt. Rev.: | |||
| Series 2014 B, 5% 1/1/26 | 100,000 | 113,207 | |
| Series 2016 B: | |||
| 4% 1/1/35 | 200,000 | 210,764 | |
| 5% 1/1/46 | 2,000,000 | 2,234,880 | |
| Chicago O'Hare Int'l. Arpt. Rev. Series 2017 B, 5% 1/1/37 | 50,000 | 57,508 | |
| Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. Series 2018: | |||
| 5% 7/1/38 (b) | 50,000 | 56,591 | |
| 5% 7/1/48 (b) | 400,000 | 448,172 | |
| Cook County Gen. Oblig.: | |||
| Series 2009 C, 5% 11/15/21 | 100,000 | 101,867 | |
| Series 2011 A, 5.25% 11/15/23 | 50,000 | 53,887 | |
| Series 2016 A: | |||
| 5% 11/15/23 | 10,000 | 11,219 | |
| 5% 11/15/31 | 500,000 | 562,570 | |
| Illinois Fin. Auth. Rev.: | |||
| (Bradley Univ. Proj.) Series 2017 C, 5% 8/1/30 | 615,000 | 716,881 | |
| (Depaul Univ., IL Proj.): | |||
| Series 2016 A, 5% 10/1/28 | 10,000 | 11,871 | |
| Series 2016, 5% 10/1/29 | 30,000 | 35,453 | |
| (OSF Healthcare Sys.) Series 2018 A: | |||
| 4.125% 5/15/47 | 750,000 | 771,923 | |
| 5% 5/15/43 | 790,000 | 899,771 | |
| (Presence Health Proj.) Series 2016 C, 5% 2/15/36 | 15,000 | 17,314 | |
| Bonds Series E, 2.25%, tender 4/29/22 (a) | 3,695,000 | 3,720,717 | |
| Series 2011 IL: | |||
| 4% 12/1/20 | 100,000 | 103,890 | |
| 5% 12/1/22 (Pre-Refunded to 12/1/21 @ 100) | 5,000 | 5,436 | |
| Series 2012 A, 5% 5/15/41 | 695,000 | 738,076 | |
| Series 2013, 5% 11/15/24 | 65,000 | 71,735 | |
| Series 2014, 5% 8/1/38 | 10,000 | 11,096 | |
| Series 2015 A: | |||
| 5% 11/15/20 | 760,000 | 799,505 | |
| 5% 11/15/23 | 10,000 | 11,360 | |
| 5% 11/15/25 | 150,000 | 176,658 | |
| 5% 11/15/45 | 300,000 | 328,059 | |
| Series 2015 C: | |||
| 4.125% 8/15/37 | 60,000 | 61,139 | |
| 5% 8/15/26 | 35,000 | 40,164 | |
| Series 2016 A: | |||
| 5% 8/15/24 | 65,000 | 73,271 | |
| 5% 7/1/31 | 30,000 | 34,529 | |
| 5% 7/1/33 | 10,000 | 11,391 | |
| 5% 7/1/36 | 45,000 | 50,663 | |
| Series 2016 B, 5% 8/15/35 | 250,000 | 288,455 | |
| Series 2016 C: | |||
| 4% 2/15/41 (Pre-Refunded to 2/15/41 @ 100) | 40,000 | 41,758 | |
| 5% 2/15/34 | 50,000 | 58,213 | |
| Series 2016: | |||
| 5% 12/1/23 | 155,000 | 174,860 | |
| 5% 5/15/29 | 10,000 | 11,631 | |
| 5% 12/1/29 | 620,000 | 715,864 | |
| 5% 12/1/33 | 485,000 | 546,726 | |
| 5% 12/1/40 | 85,000 | 93,216 | |
| 5% 12/1/46 | 95,000 | 103,623 | |
| Series 2017 A, 5% 7/15/42 | 1,000,000 | 1,146,410 | |
| Series 2018 A: | |||
| 4.25% 1/1/44 | 55,000 | 56,932 | |
| 5% 1/1/38 | 225,000 | 252,365 | |
| 5% 1/1/44 | 340,000 | 376,931 | |
| Illinois Gen. Oblig.: | |||
| Serie 2014, 5% 4/1/24 | 100,000 | 108,615 | |
| Series 2013, 5% 7/1/23 | 10,000 | 10,794 | |
| Series 2016: | |||
| 5% 2/1/21 | 30,000 | 31,322 | |
| 5% 2/1/26 | 400,000 | 438,992 | |
| 5% 2/1/27 | 1,000,000 | 1,103,990 | |
| 5% 11/1/29 | 1,400,000 | 1,521,212 | |
| Series 2017 D: | |||
| 5% 11/1/21 | 400,000 | 424,580 | |
| 5% 11/1/24 | 730,000 | 798,328 | |
| 5% 11/1/27 | 250,000 | 277,293 | |
| Series 2017, 4% 2/1/24 | 15,000 | 15,453 | |
| Series 2019 B: | |||
| 5% 9/1/21 (c) | 105,000 | 111,010 | |
| 5% 9/1/22 (c) | 100,000 | 107,436 | |
| 5% 9/1/23 (c) | 105,000 | 113,579 | |
| 5% 9/1/24 (c) | 105,000 | 114,577 | |
| Kane, Cook & DuPage Counties School District #46 Elgin Series 2003 B, 0% 1/1/22 (Escrowed to Maturity) | 100,000 | 95,274 | |
| Kendall, Kane & Will Counties Cmnty. Unit School District #308: | |||
| Series 2008, 0% 2/1/25 (FSA Insured) | 315,000 | 273,133 | |
| Series 2011, 5.5% 2/1/22 | 100,000 | 109,438 | |
| Metropolitan Pier & Exposition: | |||
| (McCormick Place Expansion Proj.) Series 2010 B1: | |||
| 0% 6/15/43 (FSA Insured) | 10,000 | 3,681 | |
| 0% 6/15/47 (FSA Insured) | 155,000 | 47,459 | |
| Series 1994 A, 0% 6/15/25 | 25,000 | 20,771 | |
| Series 1994, 0% 6/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,200,000 | 877,824 | |
| Series 2012 B, 5% 6/15/23 | 10,000 | 10,619 | |
| Railsplitter Tobacco Settlement Auth. Rev. Series 2010, 5.5% 6/1/23 (Pre-Refunded to 6/1/21 @ 100) | 105,000 | 113,696 | |
| Univ. of Illinois Board of Trustees Ctfs. of Prtn. (Univ. of Illinois Rev. Proj.) Series 2014 A, 5% 10/1/26 | 15,000 | 17,103 | |
| Univ. of Illinois Rev. Series 2018 A, 5% 4/1/30 | 100,000 | 119,584 | |
| TOTAL ILLINOIS | 24,638,246 | ||
| Indiana - 1.2% | |||
| Indiana Fin. Auth. Rev.: | |||
| Series 2012, 5% 3/1/23 | 35,000 | 38,142 | |
| Series 2016: | |||
| 5% 9/1/24 | 20,000 | 23,122 | |
| 5% 9/1/30 | 50,000 | 58,384 | |
| Indianapolis Local Pub. Impt. (Courthouse and Jail Proj.) Series 2019 A, 5% 2/1/49 (c) | 1,000,000 | 1,176,110 | |
| Purdue Univ. Rev. Series 2018 DD, 5% 7/1/38 | 205,000 | 245,922 | |
| TOTAL INDIANA | 1,541,680 | ||
| Iowa - 0.1% | |||
| Iowa Fin. Auth. Rev. Series A: | |||
| 5% 5/15/43 | 25,000 | 26,625 | |
| 5% 5/15/48 | 55,000 | 58,409 | |
| TOTAL IOWA | 85,034 | ||
| Kentucky - 2.0% | |||
| Ashland Med. Ctr. Rev. (King's Daugthers Med. Ctr. Proj.) Series 2010 B, 4.5% 2/1/25 | 25,000 | 25,370 | |
| Kentucky State Property & Buildings Commission Rev.: | |||
| (Proj. No. 118) Series 2018, 5% 4/1/25 | 175,000 | 202,813 | |
| (Proj. No. 119) Series 2018: | |||
| 5% 5/1/26 | 60,000 | 70,222 | |
| 5% 5/1/29 | 85,000 | 101,538 | |
| 5% 5/1/32 | 20,000 | 23,635 | |
| 5% 5/1/33 | 15,000 | 17,665 | |
| 5% 5/1/34 | 20,000 | 23,452 | |
| 5% 5/1/35 | 10,000 | 11,550 | |
| 5% 5/1/36 | 10,000 | 11,509 | |
| 5% 5/1/38 | 1,000,000 | 1,139,590 | |
| Louisville & Jefferson County Series 2016 A, 5% 10/1/32 | 70,000 | 80,423 | |
| Louisville/Jefferson County Metropolitan Gov.: | |||
| Series 2012 A, 5% 12/1/29 | 95,000 | 102,877 | |
| Series 2012, 5% 12/1/35 | 125,000 | 133,339 | |
| Pikeville Hosp. Rev. Series 2011: | |||
| 6% 3/1/20 | 25,000 | 25,852 | |
| 6% 3/1/22 | 240,000 | 256,106 | |
| 6% 3/1/22 (Pre-Refunded to 3/1/21 @ 100) | 75,000 | 81,224 | |
| Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) | 200,000 | 202,708 | |
| TOTAL KENTUCKY | 2,509,873 | ||
| Louisiana - 0.2% | |||
| Louisiana Pub. Facilities Auth. Rev. (Tulane Univ. of Louisiana Proj.): | |||
| Series 2016 A, 5% 12/15/28 | 15,000 | 17,833 | |
| Series 2017 A, 5% 12/15/32 | 165,000 | 193,621 | |
| TOTAL LOUISIANA | 211,454 | ||
| Maine - 0.9% | |||
| Maine Health & Higher Edl. Facilities Auth. Rev.: | |||
| (Eastern Maine Healthcare Systems Proj.) Series 2013, 5% 7/1/43 | 50,000 | 52,909 | |
| (Univ. of New England) Series 2017 A, 4% 7/1/22 | 20,000 | 21,369 | |
| Series 2013, 5% 7/1/25 | 40,000 | 43,731 | |
| Series 2014, 5% 7/1/30 | 585,000 | 662,062 | |
| Series 2016 A: | |||
| 4% 7/1/41 | 25,000 | 25,205 | |
| 4% 7/1/46 | 5,000 | 5,026 | |
| 5% 7/1/46 | 125,000 | 135,433 | |
| Series 2017 B, 5% 7/1/29 | 10,000 | 11,887 | |
| Series 2018, 5% 7/1/48 | 135,000 | 157,773 | |
| TOTAL MAINE | 1,115,395 | ||
| Maryland - 0.1% | |||
| Maryland Health & Higher Edl. Facilities Auth. Rev. (Medstar Health, Inc. Proj.) Series 2017 A, 5% 5/15/45 | 150,000 | 168,929 | |
| Massachusetts - 2.7% | |||
| Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2019 A, 5%, tender 1/1/23 (a) | 300,000 | 334,986 | |
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| (Lawrence Gen. Hosp.): | |||
| Series 2014 A, 5.25% 7/1/34 | 40,000 | 43,732 | |
| Series 2017: | |||
| 5% 7/1/19 | 100,000 | 100,619 | |
| 5% 7/1/20 | 100,000 | 103,006 | |
| 5% 7/1/21 | 100,000 | 105,254 | |
| 5% 7/1/47 | 100,000 | 107,313 | |
| Series 2016 A, 5% 1/1/31 | 40,000 | 45,828 | |
| Series 2016 I, 5% 7/1/30 | 195,000 | 226,249 | |
| Series 2017 A, 5% 1/1/37 | 1,050,000 | 1,193,367 | |
| Series 2019, 5% 7/1/27 (c) | 440,000 | 523,059 | |
| Massachusetts Gen. Oblig. Series 2018 A, 5% 1/1/36 | 100,000 | 119,396 | |
| Massachusetts Port Auth. Rev. Series 2019 A, 5% 7/1/40 (b) | 500,000 | 593,295 | |
| TOTAL MASSACHUSETTS | 3,496,104 | ||
| Michigan - 0.7% | |||
| Detroit Downtown Dev. Auth. Tax Series A, 5% 7/1/37 (FSA Insured) | 40,000 | 43,408 | |
| Great Lakes Wtr. Auth. Mich Wtr. Series 2016 D, 5% 7/1/27 | 100,000 | 119,279 | |
| Great Lakes Wtr. Auth. Sew Disp. Sys. Series 2018 A, 5% 7/1/48 | 200,000 | 232,856 | |
| Michigan Fin. Auth. Rev.: | |||
| (Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018, 5% 11/1/43 | 50,000 | 58,301 | |
| Series 2016, 5% 11/15/41 | 30,000 | 33,608 | |
| Michigan Hosp. Fin. Auth. Rev. (Trinity Health Proj.) Series 2008 C, 5% 12/1/32 | 10,000 | 11,925 | |
| Wayne County Arpt. Auth. Rev.: | |||
| Series 2011 A, 5% 12/1/19 (b) | 100,000 | 102,133 | |
| Series 2017 A, 5% 12/1/29 | 45,000 | 54,422 | |
| Series 2017 B, 5% 12/1/42 (b) | 150,000 | 169,394 | |
| Series 2018 D, 5% 12/1/29 (b) | 85,000 | 102,506 | |
| TOTAL MICHIGAN | 927,832 | ||
| Minnesota - 1.4% | |||
| Duluth Econ. Dev. Auth. Health Care Facilities Rev. Series 2018 A: | |||
| 5% 2/15/48 | 220,000 | 248,173 | |
| 5% 2/15/58 | 270,000 | 299,441 | |
| Maple Grove Health Care Sys. Rev. ( North Memorial Med. Ctr., Proj.) Series 2015, 4% 9/1/21 | 25,000 | 26,022 | |
| Minnesota Higher Ed. Facilities Auth. Rev. Series 2018 A: | |||
| 5% 10/1/30 | 500,000 | 585,050 | |
| 5% 10/1/45 | 30,000 | 33,491 | |
| White Bear Lake Minn Rev. (YMCA of Greater Twin Cities Proj.) Series 2018, 5% 6/1/22 | 490,000 | 535,991 | |
| TOTAL MINNESOTA | 1,728,168 | ||
| Missouri - 1.3% | |||
| Missouri Health & Edl. Facilities Rev. Series 2018 A, 5% 11/15/43 | 1,000,000 | 1,146,150 | |
| Saint Louis Arpt. Rev. Series A, 5.25% 7/1/26 (FSA Insured) | 310,000 | 380,398 | |
| Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. Series 2018 A: | |||
| 5% 9/1/38 | 30,000 | 32,211 | |
| 5.125% 9/1/48 | 55,000 | 59,009 | |
| TOTAL MISSOURI | 1,617,768 | ||
| Montana - 0.0% | |||
| Montana Facility Fin. Auth. Rev. (Benefis Health Sys. Proj.) Series 2016, 5% 2/15/32 | 30,000 | 34,504 | |
| Nebraska - 0.1% | |||
| Nebraska Invt. Fin. Auth. Single Family Hsg. Rev. Series 2019 B, 4% 9/1/49 (b)(c) | 70,000 | 74,918 | |
| Nevada - 0.4% | |||
| Clark County School District Series 2017 A, 5% 6/15/25 | 400,000 | 469,412 | |
| New Hampshire - 0.8% | |||
| New Hampshire Health & Ed. Facilities Auth. (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A: | |||
| 5% 8/1/23 | 200,000 | 225,674 | |
| 5% 8/1/26 | 105,000 | 125,363 | |
| 5% 8/1/37 | 100,000 | 114,621 | |
| New Hampshire Health & Ed. Facilities Auth. Rev.: | |||
| (Covenant Health Sys., Inc. Proj.) Series 2012, 5% 7/1/42 | 445,000 | 462,680 | |
| (Southern NH Med. Ctr. Proj.) Series 2016, 3% 10/1/21 | 50,000 | 51,234 | |
| Series 2016, 5% 10/1/22 | 85,000 | 93,560 | |
| TOTAL NEW HAMPSHIRE | 1,073,132 | ||
| New Jersey - 6.5% | |||
| New Jersey Econ. Dev. Auth. Rev.: | |||
| (New Jersey Gen. Oblig. Proj.) Series 2017 B, 5% 11/1/23 | 25,000 | 27,783 | |
| Series 2013 NN, 5% 3/1/29 | 1,000,000 | 1,073,810 | |
| Series 2013: | |||
| 5% 3/1/23 | 25,000 | 27,363 | |
| 5% 3/1/24 | 70,000 | 76,373 | |
| Series 2014 PP, 5% 6/15/26 | 280,000 | 308,907 | |
| Series 2015 XX, 5% 6/15/23 | 200,000 | 220,138 | |
| Series 2017 DDD, 5% 6/15/30 | 1,000,000 | 1,117,530 | |
| New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016: | |||
| 4% 7/1/48 | 100,000 | 101,024 | |
| 5% 7/1/41 | 65,000 | 70,848 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
| Series 2011-1, 5.5% 12/1/21 (b) | 80,000 | 87,234 | |
| Series 2017 1A, 5% 12/1/26 (b) | 200,000 | 235,428 | |
| Series 2018 B: | |||
| 5% 12/1/25 (b) | 500,000 | 581,245 | |
| 5% 12/1/26 (b) | 315,000 | 370,799 | |
| 5% 12/1/27 (b) | 850,000 | 1,010,982 | |
| 5% 12/1/28 (b) | 750,000 | 892,838 | |
| Series 2018 C, 4% 12/1/48 (b) | 35,000 | 35,749 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| (Trans. Prog.) Series 2019 AA: | |||
| 5% 6/15/46 | 300,000 | 326,019 | |
| 5.25% 6/15/43 | 700,000 | 780,353 | |
| Series 2003 B, 5.25% 12/15/19 | 250,000 | 256,007 | |
| Series 2009 A, 0% 12/15/36 | 160,000 | 78,744 | |
| Series 2014 AA, 5% 6/15/25 | 100,000 | 111,348 | |
| Series 2016 A, 5% 6/15/27 | 160,000 | 185,366 | |
| Series 2018 A: | |||
| 5% 12/15/32 | 100,000 | 112,551 | |
| 5% 12/15/33 | 100,000 | 112,044 | |
| 5% 12/15/35 | 100,000 | 111,259 | |
| TOTAL NEW JERSEY | 8,311,742 | ||
| New York - 4.2% | |||
| Buffalo and Erie County Indl. Land Rev. (Catholic Health Sys., Inc. Proj.) Series 2015, 5% 7/1/25 | 400,000 | 464,980 | |
| Hudson Yards Infrastructure Corp. New York Rev. Series 2017 A, 5% 2/15/37 | 2,420,000 | 2,833,772 | |
| MTA Hudson Rail Yards Trust Oblig. Series 2016 A, 5% 11/15/56 | 100,000 | 108,882 | |
| New York City Gen. Oblig. Series 2018 A, 5% 8/1/24 | 100,000 | 116,786 | |
| New York City Transitional Fin. Auth. Rev. Series 2016 E, 5% 2/1/37 | 1,000,000 | 1,155,910 | |
| New York Dorm. Auth. Personal Income Tax Rev. (New York State Pit Proj.) Series 2012 D, 5% 2/15/22 (Escrowed to Maturity) | 10,000 | 10,979 | |
| New York Metropolitan Trans. Auth. Rev. Series 2016 A, 5% 11/15/31 | 100,000 | 115,627 | |
| Onondaga Civic Dev. Corp. (Le Moyne College Proj.) Series 2015, 5% 7/1/27 | 295,000 | 337,102 | |
| Onondaga County Ind. Dev. Agcy. Swr. Facilities Rev. (Bristol-Meyers Squibb Co. Proj.) 5.75% 3/1/24 (b) | 220,000 | 253,623 | |
| TOTAL NEW YORK | 5,397,661 | ||
| North Carolina - 0.4% | |||
| North Carolina Med. Care Commission Health Care Facilities Rev. Bonds: | |||
| Series 2019 B, 2.2%, tender 12/1/22 (a) | 175,000 | 175,707 | |
| Series 2019 C, 2.55%, tender 6/1/26 (a) | 300,000 | 302,733 | |
| TOTAL NORTH CAROLINA | 478,440 | ||
| Ohio - 5.8% | |||
| Akron Bath Copley Hosp. District Rev. Series 2016, 5.25% 11/15/46 | 425,000 | 479,124 | |
| Allen County Hosp. Facilities Rev.: | |||
| (Mercy Health) Series 2017 A: | |||
| 5% 8/1/25 | 10,000 | 11,662 | |
| 5% 8/1/26 | 290,000 | 343,430 | |
| 5% 8/1/27 | 10,000 | 12,010 | |
| 5% 8/1/28 | 10,000 | 12,203 | |
| 5% 8/1/29 | 10,000 | 12,105 | |
| 5% 8/1/30 | 10,000 | 11,996 | |
| Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) | 10,000 | 10,959 | |
| American Muni. Pwr., Inc. (Solar Electricity Prepayment Proj.) Series 2019 A, 5% 2/15/44 | 175,000 | 201,877 | |
| American Muni. Pwr., Inc. Rev.: | |||
| Bonds (Combined Hydroelectric Proj.) Series 2018, 2.25%, tender 8/15/21 (a) | 500,000 | 502,555 | |
| Series 2017 A, 5% 2/15/21 | 30,000 | 31,853 | |
| Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 4.25% 6/15/24 | 110,000 | 115,227 | |
| Hamilton County HealthCare Facilities Rev. (The Christ Hosp. Proj.) Series 2012, 5.25% 6/1/24 | 2,900,000 | 3,191,508 | |
| Lucas County Hosp. Rev. Series 2011, 5% 11/15/23 (Pre-Refunded to 11/15/21 @ 100) | 20,000 | 21,743 | |
| Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013: | |||
| 4% 2/15/23 | 315,000 | 328,158 | |
| 5% 2/15/44 | 100,000 | 104,515 | |
| Steubenville Hosp. Rev. (Trinity Health Proj.) Series 2010, 4.125% 10/1/21 (Pre-Refunded to 2/1/20 @ 100) | 15,000 | 15,308 | |
| Univ. of Toledo Gen. Receipts Series 2018 A: | |||
| 5% 6/1/20 | 645,000 | 669,639 | |
| 5% 6/1/21 | 865,000 | 925,092 | |
| 5% 6/1/22 | 330,000 | 362,574 | |
| Wood County Hosp. Facilities Rev. (Wood County Hosp. Assoc. Proj.) Series 2012, 5% 12/1/32 | 15,000 | 15,744 | |
| TOTAL OHIO | 7,379,282 | ||
| Oklahoma - 0.8% | |||
| Oklahoma City Arpt. Trust Series 33, 5% 7/1/47 (b) | 200,000 | 227,726 | |
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. (OU Medicine Proj.) Series 2018 B: | |||
| 5% 8/15/23 | 200,000 | 221,362 | |
| 5.5% 8/15/57 | 515,000 | 589,793 | |
| TOTAL OKLAHOMA | 1,038,881 | ||
| Oregon - 0.4% | |||
| Oregon Bus. Dev. Commn Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) | 500,000 | 507,710 | |
| Pennsylvania - 6.6% | |||
| Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.): | |||
| Series 2016 A, 5% 11/15/46 | 2,250,000 | 2,499,863 | |
| Series 2018 A: | |||
| 5% 11/15/22 | 100,000 | 110,694 | |
| 5% 11/15/25 | 100,000 | 116,963 | |
| Doylestown Hosp. Auth. Hosp. Rev. Series 2016 A, 5% 7/1/46 | 20,000 | 21,393 | |
| Dubois Hosp. Auth. Hosp. Rev. (Penn Highlands Healthcare Proj.) Series 2018: | |||
| 4% 7/15/37 | 40,000 | 41,676 | |
| 5% 7/15/36 | 500,000 | 577,845 | |
| Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 | 60,000 | 68,615 | |
| Northampton County Gen. Purp. Auth. Hosp. Rev.: | |||
| (St. Luke's Univ. Health Network Proj.) Series 2018 A, 4% 8/15/48 | 195,000 | 199,779 | |
| Series 2016 A, 5% 8/15/46 | 50,000 | 55,975 | |
| Pennsylvania Ctfs. Prtn. Series 2018 A: | |||
| 5% 7/1/23 | 250,000 | 279,153 | |
| 5% 7/1/24 | 300,000 | 341,589 | |
| 5% 7/1/25 | 300,000 | 345,897 | |
| 5% 7/1/26 | 455,000 | 531,508 | |
| 5% 7/1/27 | 500,000 | 590,730 | |
| 5% 7/1/34 | 450,000 | 520,925 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
| (Drexel Univ. Proj.): | |||
| Series 2016, 5% 5/1/35 | 500,000 | 568,010 | |
| Series 2017, 5% 5/1/35 | 10,000 | 11,598 | |
| Series 2018 A, 5% 2/15/48 | 100,000 | 118,284 | |
| Philadelphia Gas Works Rev. Series 2015 13, 5% 8/1/21 | 100,000 | 107,201 | |
| Philadelphia School District: | |||
| Series 2018 A, 5% 9/1/25 | 50,000 | 57,912 | |
| Series 2018 B, 5% 9/1/43 | 50,000 | 56,171 | |
| Southcentral Pennsylvania Gen. Auth. Rev.: | |||
| (Hanover Hosp., Inc. PA Proj.) Series 2015, 5% 12/1/28 | 45,000 | 52,403 | |
| Series 2019 A: | |||
| 4% 6/1/44 (c) | 50,000 | 52,877 | |
| 4% 6/1/49 (c) | 115,000 | 120,782 | |
| 5% 6/1/25 (c) | 200,000 | 235,908 | |
| 5% 6/1/44 (c) | 85,000 | 100,219 | |
| 5% 6/1/49 (c) | 135,000 | 158,364 | |
| Union County Hosp. Auth. Rev. Series 2018 B: | |||
| 5% 8/1/43 | 185,000 | 208,414 | |
| 5% 8/1/48 | 310,000 | 347,898 | |
| TOTAL PENNSYLVANIA | 8,498,646 | ||
| Rhode Island - 0.6% | |||
| Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2016: | |||
| 5% 5/15/21 | 25,000 | 26,519 | |
| 5% 5/15/39 | 50,000 | 55,337 | |
| Rhode Island Student Ln. Auth. Student Ln. Rev. Series A, 5% 12/1/23 (b) | 625,000 | 703,894 | |
| TOTAL RHODE ISLAND | 785,750 | ||
| South Carolina - 2.5% | |||
| Charleston County Arpt. District Series 2019, 5% 7/1/48 | 395,000 | 466,681 | |
| South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Bon Secours Health Sys. Proj.) Series 2013, 5% 11/1/28 (Pre-Refunded to 11/1/22 @ 100) | 180,000 | 201,013 | |
| South Carolina Pub. Svc. Auth. Rev.: | |||
| Series 2010 B, 5% 1/1/21 (Pre-Refunded to 7/1/20 @ 100) | 5,000 | 5,214 | |
| Series 2014 A: | |||
| 5% 12/1/49 | 440,000 | 477,849 | |
| 5.5% 12/1/54 | 140,000 | 154,860 | |
| Series 2014 C, 5% 12/1/46 | 20,000 | 21,902 | |
| Series 2015 A, 5% 12/1/50 | 75,000 | 82,453 | |
| Series 2015 E, 5.25% 12/1/55 | 25,000 | 27,878 | |
| Series 2016 A: | |||
| 5% 12/1/26 | 140,000 | 164,727 | |
| 5% 12/1/29 | 500,000 | 580,145 | |
| 5% 12/1/33 | 15,000 | 17,138 | |
| 5% 12/1/38 | 75,000 | 84,512 | |
| Series 2016 B: | |||
| 5% 12/1/31 | 105,000 | 121,656 | |
| 5% 12/1/35 | 120,000 | 137,366 | |
| 5% 12/1/41 | 175,000 | 197,405 | |
| Spartanburg County Reg'l. Health Series 2017 A: | |||
| 4% 4/15/43 | 30,000 | 30,636 | |
| 4% 4/15/48 | 20,000 | 20,314 | |
| 5% 4/15/48 | 415,000 | 463,439 | |
| TOTAL SOUTH CAROLINA | 3,255,188 | ||
| Tennessee - 1.5% | |||
| Greeneville Health & Edl. Facilities Board Series 2018 A: | |||
| 5% 7/1/23 | 15,000 | 16,788 | |
| 5% 7/1/24 | 20,000 | 22,401 | |
| 5% 7/1/25 | 20,000 | 22,349 | |
| Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2018, 5% 7/1/38 (b) | 1,000,000 | 1,161,180 | |
| Tennessee Energy Acquisition Corp. Bonds: | |||
| (Gas Rev. Proj.) Series A, 4%, tender 5/1/23 (a) | 460,000 | 486,533 | |
| Series 2018, 4%, tender 11/1/49 | 180,000 | 194,215 | |
| TOTAL TENNESSEE | 1,903,466 | ||
| Texas - 8.1% | |||
| Arlington Spl. Tax Rev. Series 2018 C, 5% 2/15/45 | 50,000 | 52,287 | |
| Austin Cmnty. College District Rev. (Highland Campus Parking Garage Proj.) Series 2018 C: | |||
| 5% 8/1/25 | 200,000 | 235,042 | |
| 5% 8/1/26 | 200,000 | 238,636 | |
| Austin-Bergstrom Landhost Ente Series 2017, 5% 10/1/22 | 115,000 | 126,622 | |
| Dallas Fort Worth Int'l. Arpt. Rev. Series 2014 B, 5% 11/1/22 (b) | 115,000 | 127,427 | |
| Dallas Independent School District Series 2016 A, 4% 2/15/29 | 500,000 | 551,795 | |
| Grand Parkway Trans. Corp.: | |||
| Series 2013 B, 5.25% 10/1/51 | 30,000 | 33,318 | |
| Series 2018 A, 5% 10/1/43 | 450,000 | 529,695 | |
| Houston Arpt. Sys. Rev.: | |||
| Series 2018 A, 5% 7/1/41 (b) | 1,000,000 | 1,153,550 | |
| Series 2018 C, 5% 7/1/30 (b) | 120,000 | 144,710 | |
| Houston Gen. Oblig. Series 2017 A: | |||
| 5% 3/1/25 | 500,000 | 586,135 | |
| 5% 3/1/32 | 25,000 | 29,663 | |
| Love Field Arpt. Modernization Rev. Series 2017, 5% 11/1/31 (b) | 25,000 | 28,954 | |
| Lower Colorado River Auth. Rev.: | |||
| (LCRA Transmission Svcs. Corp. Proj.) Series 2019, 5% 5/15/38 | 215,000 | 251,062 | |
| LCRA Transmission Corp. Series 2011 B, 5% 5/15/22 | 300,000 | 321,012 | |
| New Hope Cultural Ed. Facilities Finc (Childrens Med. Ctr. of Dallas) Series 2017 A: | |||
| 5% 8/15/27 | 10,000 | 12,221 | |
| 5% 8/15/47 | 10,000 | 11,468 | |
| North Central Texas Health Facilities Dev. Corp. (Childrens Med. Ctr. of Dallas Proj.) Series 2012, 5% 8/15/32 (Pre-Refunded to 8/15/22 @ 100) | 100,000 | 111,177 | |
| Prosper Independent School District Series 2019, 5% 2/15/44 (c) | 100,000 | 119,666 | |
| San Antonio Elec. & Gas Sys. Rev. Series 2017, 5% 2/1/33 | 5,000 | 5,938 | |
| San Antonio Gen. Oblig. Series 2018, 5% 8/1/37 | 40,000 | 48,111 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Scott & White Healthcare Proj.) Series 2013 A, 5% 8/15/21 | 60,000 | 64,579 | |
| Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | |||
| Series 2016 A, 5% 2/15/47 | 2,335,000 | 2,640,628 | |
| Series 2017 A, 5% 2/15/24 | 265,000 | 304,769 | |
| Texas Gen. Oblig. Series 2017 B, 5% 10/1/36 | 100,000 | 119,335 | |
| Texas Trans. Commission Series 2019 A, 0% 8/1/41 | 250,000 | 92,055 | |
| Travis County Gen. Oblig. Series 2019 A, 5% 3/1/36 | 425,000 | 517,221 | |
| Univ. of Houston Univ. Revs. Series 2017 A, 5% 2/15/30 | 690,000 | 813,565 | |
| Univ. of North Texas Univ. Rev. Series 2018 A, 5% 4/15/44 | 450,000 | 524,417 | |
| Waco Gen. Oblig. Series 2015, 5% 2/1/25 | 500,000 | 574,505 | |
| TOTAL TEXAS | 10,369,563 | ||
| Utah - 0.3% | |||
| Salt Lake City Arpt. Rev.: | |||
| Series 2017 A, 5% 7/1/24 (b) | 10,000 | 11,483 | |
| Series 2018 A: | |||
| 5% 7/1/33 (b) | 175,000 | 207,566 | |
| 5.25% 7/1/48 (b) | 130,000 | 152,134 | |
| TOTAL UTAH | 371,183 | ||
| Virginia - 1.4% | |||
| Roanoke Econ. Dev. Auth. Edl. Facilities Series 2018 A: | |||
| 5% 9/1/23 | 360,000 | 399,755 | |
| 5% 9/1/24 | 315,000 | 355,358 | |
| 5% 9/1/27 | 875,000 | 1,026,594 | |
| Winchester Econ. Dev. Auth. (Valley Health Proj.) Series 2015, 5% 1/1/22 | 50,000 | 54,384 | |
| TOTAL VIRGINIA | 1,836,091 | ||
| Washington - 0.7% | |||
| Port of Seattle Rev. Series 2015 C, 5% 4/1/24 (b) | 50,000 | 56,859 | |
| Washington Gen. Oblig. Series 2013 A, 5% 7/1/23 | 5,000 | 5,538 | |
| Washington Health Care Facilities Auth. Rev.: | |||
| (Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 5,000 | 5,018 | |
| (Overlake Hosp. Med. Ctr., WA. Proj.) Series 2017 B: | |||
| 5% 7/1/25 | 5,000 | 5,822 | |
| 5% 7/1/30 | 5,000 | 5,962 | |
| 5% 7/1/31 | 10,000 | 11,787 | |
| 5% 7/1/42 | 100,000 | 112,956 | |
| Washington Higher Ed. Facilities Auth. Rev. (Whitworth Univ. Proj.) Series 2016 A, 5% 10/1/25 | 550,000 | 634,007 | |
| Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Judson Park Proj.) Series 2018, 5% 7/1/38 (d) | 100,000 | 105,094 | |
| TOTAL WASHINGTON | 943,043 | ||
| West Virginia - 0.0% | |||
| West Virginia Hosp. Fin. Auth. Hosp. Rev. Series 2018 A, 5% 1/1/32 | 50,000 | 58,630 | |
| Wisconsin - 0.8% | |||
| Pub. Fin. Auth. Rev.: | |||
| (Denver Great Hall LLC. Proj.) Series 2017: | |||
| 5% 9/30/37 (b) | 250,000 | 281,825 | |
| 5% 9/30/49 (b) | 235,000 | 260,227 | |
| (Denver Int. Arpt. Great Hall Proj.) Series 2017, 5% 9/30/24 (b) | 10,000 | 11,275 | |
| Pub. Fin. Auth. Sr Liv Rev. (Mary's Woods At Marylhurst, Inc. Proj.) Series 2017 B-1 3.95% 11/15/24 (d) | 5,000 | 5,027 | |
| Pub. Fin. Auth. Wis Edl. Facilities Series 2018 A: | |||
| 5.25% 10/1/43 | 160,000 | 178,173 | |
| 5.25% 10/1/48 | 160,000 | 177,549 | |
| Pub. Fin. Auth. Wisconsin Retirement Facility Rev. Series 2018: | |||
| 5% 10/1/43 (d) | 15,000 | 15,920 | |
| 5% 10/1/48 (d) | 15,000 | 15,860 | |
| 5% 10/1/53 (d) | 30,000 | 31,599 | |
| Wisconsin Health & Edl. Facilities Auth. Rev. (Mercy Alliance, Inc. Proj.) Series 2012, 5% 6/1/19 | 100,000 | 100,490 | |
| TOTAL WISCONSIN | 1,077,945 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $108,805,610) | 112,002,047 | ||
| Shares | Value | ||
| Money Market Funds - 12.1% | |||
| Fidelity Municipal Cash Central Fund, 1.50% (e)(f) | |||
| (Cost $15,599,991) | 15,598,440 | 15,599,980 | |
| TOTAL INVESTMENT IN SECURITIES - 99.4% | |||
| (Cost $124,405,601) | 127,602,027 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.6% | 728,463 | ||
| NET ASSETS - 100% | $128,330,490 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $586,836 or 0.5% of net assets.
(e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Municipal Cash Central Fund | $44,411 |
| Total | $44,411 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, 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 Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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