0001752724-19-179065.txt : 20191126 0001752724-19-179065.hdr.sgml : 20191126 20191126121844 ACCESSION NUMBER: 0001752724-19-179065 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191126 PERIOD START: 20191231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MUNICIPAL TRUST CENTRAL INDEX KEY: 0000035373 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02628 FILM NUMBER: 191249023 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL BOND FUND/MA/ DATE OF NAME CHANGE: 19860327 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19850503 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND 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JEA FL ELEC SYS REV N/A JEA FL ELEC SYS 5% 10/1/2020 46613CL94 200000.00000000 PA USD 206660.22000000 0.418997137748 Long DBT MUN US N 2 2020-10-01 Fixed 0.05000000 N N N N N N KENTUCKY ST PTY and BLDGS COMMN N/A KY ST PROP 5% 10/1/2019 49151EXD0 200000.00000000 PA USD 200000.00000000 0.405493749835 Long DBT MUN US N 2 2019-10-01 Fixed 0.05000000 N N N N N N FOREST PARK OH N/A FOREST PARK CITY OH 5/27/20 BAN 346190HK0 100000.00000000 PA USD 100570.46000000 0.203903464740 Long DBT MUN US N 2 2020-05-27 Fixed 0.02500000 N N N N N N JEA FL ELEC SYS REV N/A JEA ELECTRIC SY 5% 10/1/2019 46613SBC3 445000.00000000 PA USD 445000.00000000 0.902223593384 Long DBT MUN US N 2 2019-10-01 Fixed 0.05000000 N N N N N N INDIANA FIN AUTH HOSP REV N/A IN FIN HOSP SIMFA+28 12/1/2046 MT 45471AEM0 100000.00000000 PA USD 100027.00000000 0.202801616573 Long DBT MUN US N 2 2046-12-01 Variable 0.01860000 N N N N N N BIRMINGHAM AL INDL DEV BRD SOLID WASTE DISP REV N/A BIRMNGHM IDB SW 2000 L=BA V7@ 091018AA9 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0.05000000 N N N N N N BRIDGEPORT TEX INDPT SCH DIST N/A BRIDGPRT TX ISD 4% O=PSF 8/15/2020 108331LR8 340000.00000000 PA USD 340752.28000000 0.690864598911 Long DBT MUN US N 2 2020-08-15 Fixed 0.04000000 N N N N N N GEORGIA MUN ELEC AUTH PWR REV N/A GA MEAG 5.25% 1/1/2021 626207VP6 225000.00000000 PA USD 235410.75000000 0.477287938845 Long DBT MUN US N 2 2021-01-01 Fixed 0.05250000 N N N N N N PENNSYLVANIA ST TPK COMMN TPK 549300J8LLBYEYEXZJ24 PA TPK SIFMA+43 12/1/2021 709224H28 200000.00000000 PA USD 200844.00000000 0.407204933459 Long DBT MUN US N 2 2021-12-01 Variable 0.02010000 N N N N N N WISE CNTY VA INDL DEV AUTH SOLID WASTE and SEW DISP REV N/A WISE VA IDA SW 2.15% MT 977228AC9 50000.00000000 PA USD 50275.44000000 0.101931883451 Long DBT MUN US N 2 2040-10-01 Variable 0.02150000 N N N N N N HIGHER ED STUDENT ASSISTANCE AUTH NJ STUDENT LN REV N/A NJ STUD LOAN 5% 12/1/20@ 646080RB9 100000.00000000 PA USD 103943.00000000 0.210741184195 Long DBT MUN US N 2 2020-12-01 Fixed 0.05000000 N N N N N N ILLINOIS ST TOLL HWY AU HWY RV N/A ILL ST TOLL 14-A 5% 12/01/22 452252HP7 275000.00000000 PA USD 305142.75000000 0.618667389663 Long DBT MUN US N 2 2022-12-01 Fixed 0.05000000 N N N N N N TOBACCO SETTLEMENT FIN CORP NJ N/A NJ TOBACCO 5% 06/01/23 888808GY2 175000.00000000 PA USD 195699.00000000 0.396773606745 Long DBT MUN US N 2 2023-06-01 Fixed 0.05000000 N N N N N N DAUPHIN CO PA GEN AUTH HLTH SYS REV N/A DAUPHIN HLTH 5% 6/1/2020 23825EDG6 100000.00000000 PA USD 102267.81000000 0.207344788821 Long DBT MUN US N 2 2020-06-01 Fixed 0.05000000 N N N N N N WISE CNTY VA INDL DEV AUTH SOLID WASTE and SEW DISP REV N/A WISE VA IDA SW 1.875% MT 977228AD7 25000.00000000 PA USD 25054.91000000 0.050798047038 Long DBT MUN US N 2 2040-11-01 Variable 0.01875000 N N N N N N GEORGIA MUN ELEC AUTH PWR REV N/A GA MEAG 5% 1/1/2020 626207Q98 160000.00000000 PA USD 161367.84000000 0.327168252722 Long DBT MUN US N 2 2020-01-01 Fixed 0.05000000 N N N N N N ILLINOIS ST N/A IL ST 5% 11/1/2019 452152P39 250000.00000000 PA USD 250600.93000000 0.508085554089 Long DBT MUN US N 2 2019-11-01 Fixed 0.05000000 N N N N N N BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV N/A BLACK BELT ALAB 0% 8/1/2047 09182NAT7 125000.00000000 PA USD 132641.25000000 0.268925989226 Long DBT MUN US N 2 2047-08-01 Variable 0.04000000 N N N N N N ARIZONA ST LOTTERY REV N/A AZ ST LOTTERY 5% 7/1/2020 Q 040624BD9 100000.00000000 PA USD 102707.60000000 0.208236449303 Long DBT MUN US N 2 2020-07-01 Fixed 0.05000000 N N N N N N CLARK CNTY NV ARPT REV N/A CLARK NV ARP 16-XG0028 Q=CI D7 18085PLU6 1000000.00000000 PA USD 1000000.00000000 2.027468749177 Long DBT MUN US N 2 2042-07-01 Variable 0.01730000 N N N N N N MOBILE AL IDB POLLUTN CTL REV N/A MOBILE AL INDL DEV BRD POLL CO ALABAMA PWR COMPANY-BARRY-REMK 607167DZ3 450000.00000000 PA USD 450489.29000000 0.913352957314 Long DBT MUN US N 2 2034-06-01 Variable 0.01850000 N N N N N N MARICOPA CNTY AZ IDA REV N/A MARICOPA IDA SIFMA+38 1/1/2035 56682HCR8 200000.00000000 PA USD 200366.00000000 0.406235803397 Long DBT MUN US N 2 2035-01-01 Variable 0.01960000 N N N N N N MICHIGAN FIN AUTH REV N/A MI FIN AUTH 5% 12/1/2021 59447P7G0 100000.00000000 PA USD 107649.00000000 0.218254983380 Long DBT MUN US N 2 2021-12-01 Fixed 0.05000000 N N N N N N RIB FLOATER TRUST VARIOUS STS N/A SHAKOPEE MN BENEDICTINE LIVING CMNTY BC19-01 BC/BC D42 76252PPA1 200000.00000000 PA USD 200000.00000000 0.405493749835 Long DBT MUN US Y 2 2058-11-01 Variable 0.01880000 N N N N N N COOK CNTY IL N/A COOK CNTY ILL REF-SER C 213185CV1 300000.00000000 PA USD 301254.00000000 0.610783070564 Long DBT MUN US N 2 2021-11-15 Fixed 0.05000000 N N N N N N WALKER CNTY AL ECONOMIC and INDL DEV AUTH SOLID WASTE DISP REV N/A WALKER CNTY AL ECON and IDA SOLID WST ALABAMA PWR CO PLANT ***AMT*** 931542AA2 400000.00000000 PA USD 400000.00000000 0.810987499671 Long DBT MUN US N 2 2036-12-01 Variable 0.01830000 N N N N N N RAILSPLITTER TOB SETTLEMENT AUTH ILL TOB SETTLEMENT REV N/A RAILSPLITTER IL 5% 6/1/23 75076PAV7 370000.00000000 PA USD 414322.30000000 0.840025515337 Long DBT MUN US N 2 2023-06-01 Fixed 0.05000000 N N N N N N LOUISA VA N/A LOUISA VA IDA 08B MT 546068AR8 250000.00000000 PA USD 251377.18000000 0.509659376706 Long DBT MUN US N 2 2035-11-01 Variable 0.02150000 N N N N N N EAST CLINTON OHIO LOC SCH DIST N/A EAST CLINTON OH 2.80% 12/3/2019 271767CV5 100000.00000000 PA USD 100226.16000000 0.203205407250 Long DBT MUN US N 2 2019-12-03 Fixed 0.02800000 N N N N N N BROWARD CNTY FL PRT FACS REV N/A BROWARD FL PORT 5% 9/1/2020 11506KBY6 150000.00000000 PA USD 150399.66000000 0.304930610536 Long DBT MUN US N 2 2020-09-01 Fixed 0.05000000 N N N N N N CHICAGO ILL PK DIST N/A CHICAGO PK 5% 1/1/2020 167615SC8 615000.00000000 PA USD 620133.90000000 1.257302102555 Long DBT MUN US N 2 2020-01-01 Fixed 0.05000000 N N N N N N PHILADELPHIA PA AUTH FOR INDL DEV REVS N/A PHILADELPHIA P 2017 B V7 71781XCR2 100000.00000000 PA USD 100000.00000000 0.202746874917 Long DBT MUN US N 2 2050-09-01 Variable 0.01780000 N N N N N N TENDER OPT BD TR RCPTS / CTFS VAR ST N/A AVENIR FL CMNTY DEV 2018-XF1074-PH DB/DB D7 88034NNQ3 120000.00000000 PA USD 120000.00000000 0.243296249901 Long DBT MUN US N 2 2049-05-01 Variable 0.01830000 N N N N N N 2019-10-30 Laura M. Del Prato Laura M. Del Prato Laura M. Del Prato President and Treasurer XXXX NPORT-EX 2 QTLY_3042_20190930.htm

Quarterly Holdings Report
for

Fidelity Flex℠ Conservative Income Municipal Bond Fund

September 30, 2019







XCB-QTLY -1119
1.9884862.101





Schedule of Investments September 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 64.2%   
 Principal Amount Value 
Alabama - 1.2%   
Black Belt Energy Gas District Bonds Series 2017 A, 4%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (a) 125,000 132,641 
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.85%, tender 3/24/20 (a) 450,000 450,489 
TOTAL ALABAMA  583,130 
Arizona - 0.9%   
Arizona State Lottery Rev. Series 2019, 5% 7/1/20 (b) 100,000 102,708 
Coconino County Poll. Cont. Corp. Rev. Bonds (Nevada Pwr. Co. Projs.) Series 2017 A, 1.8%, tender 5/21/20 (a)(c) 150,000 150,074 
Maricopa County Rev. Bonds Series 2019 B, SIFMA Municipal Swap Index + 0.380% 1.96%, tender 10/18/22 (a)(d) 200,000 200,366 
TOTAL ARIZONA  453,148 
California - 0.5%   
California Infrastructure and Econ. Dev. Bank Rev. Bonds Series 2018 C, 1 month U.S. LIBOR + 0.380% 1.793%, tender 8/1/21 (a)(d) 245,000 245,007 
Colorado - 0.8%   
Colorado Univ. Co. Hosp. Auth. Rev. Bonds Series 2017C-1, 4%, tender 3/1/20 (a) 280,000 280,350 
E-470 Pub. Hwy. Auth. Rev.:   
Series 2015 A, 5% 9/1/20 $50,000 $51,582 
Series B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 45,000 44,386 
TOTAL COLORADO  376,318 
Connecticut - 2.6%   
Connecticut Gen. Oblig.:   
Series 2011, 5% 5/15/22 200,000 211,268 
Series 2012 A, SIFMA Municipal Swap Index + 1.250% 2.83% 4/15/20 (a)(d) 100,000 100,566 
Series 2014 F, 5% 11/15/20 375,000 389,981 
Series 2015 C, SIFMA Municipal Swap Index + 0.900% 2.48% 6/15/21 (a)(d) 100,000 100,818 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:   
Series 2015 B, 5% 8/1/20 245,000 252,150 
Series 2016 A, 5% 9/1/21 220,000 234,773 
TOTAL CONNECTICUT  1,289,556 
District Of Columbia - 1.0%   
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2011 C:   
5% 10/1/21 (c) 205,000 219,192 
5% 10/1/22 (c) 20,000 21,402 
Series 2017 A, 5% 10/1/22 (c) 215,000 237,169 
Series 2019 A:   
5% 10/1/21 (c) 10,000 10,692 
5% 10/1/22 (c) 5,000 5,516 
TOTAL DISTRICT OF COLUMBIA  493,971 
Florida - 7.8%   
Broward County Arpt. Sys. Rev. Series 2012 P1, 5% 10/1/20 (c) 100,000 103,451 
Broward County Port Facilities Rev. Series 2009 A, 5% 9/1/20 150,000 150,400 
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A, 5% 10/1/22 180,000 196,951 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2011 C, 5% 10/1/19 200,000 200,000 
Series 2019 A, 5% 10/1/22 (c) 105,000 115,752 
Jacksonville Elec. Auth. Elec. Sys. Rev.:   
Series 2012 A, 5% 10/1/20 200,000 206,660 
Series 2013 A:   
3.5% 10/1/19 485,000 485,000 
5% 10/1/20 200,000 206,660 
Series 2013 C, 5% 10/1/19 225,000 225,000 
Series 2013 D, 5% 10/1/21 200,000 213,274 
Series 2014 A, 5% 10/1/19 445,000 445,000 
Jea Bulk Pwr. Supply Sys. Rev. Series 2014 A, 3.5% 10/1/19 400,000 400,000 
Miami-Dade County Aviation Rev. Series A1, 5% 10/1/20 170,000 176,005 
Miami-Dade County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Florida Proj.) Series 2018, 2.85%, tender 8/2/21 (a)(c) 150,000 153,233 
Miami-Dade County School Board Ctfs. of Prtn. Series 2015 A, 5% 5/1/21 100,000 105,785 
Orange County Health Facilities Auth.:   
Series 2009, 5.25% 10/1/19 (Escrowed to Maturity) 240,000 240,000 
Series B, 5% 10/1/22 100,000 110,715 
Pasco County School District Sales Tax Rev. Series 2013, 5% 10/1/19 135,000 135,000 
TOTAL FLORIDA  3,868,886 
Georgia - 3.2%   
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2013, 1.55%, tender 8/19/22 (a) 100,000 99,216 
Georgia Muni. Elec. Auth. Pwr. Rev.:   
(Combined Cycle Proj.) Series 2012 A, 5% 11/1/20 75,000 77,860 
(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 225,000 235,411 
(Gen. Resolution Projs.) Series 2009 B, 5% 1/1/20 290,000 292,479 
(Proj. One) Series 2008 A, 5.25% 1/1/20 75,000 75,687 
Series 2009 B, 5% 1/1/20 320,000 322,760 
Series 2011 A, 5% 1/1/21 220,000 229,502 
Series 2016 A, 5% 1/1/20 160,000 161,368 
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Gulf Pwr. Co. Plant Scherer Proj.) Series 2002 1, 2%, tender 6/25/20 (a) 100,000 100,274 
TOTAL GEORGIA  1,594,557 
Illinois - 13.3%   
Chicago Metropolitan Wtr. Reclamation District of Greater Chicago:   
Series 2011 B, 5% 12/1/19 165,000 165,957 
Series 2014 D, 5% 12/1/19 50,000 50,290 
Chicago O'Hare Int'l. Arpt. Rev. Series 2013 D, 5% 1/1/22 215,000 232,067 
Chicago Park District Gen. Oblig.:   
Series 2013, 5% 1/1/20 615,000 620,134 
Series 2018 E, 5% 11/15/19 170,000 170,691 
Cook County Gen. Oblig.:   
Series 2009 C, 5% 11/15/21 300,000 301,254 
Series 2009 D, 5% 11/15/19 205,000 205,851 
Series 2011 A, 5% 11/15/19 475,000 476,972 
Series 2012 C, 5% 11/15/21 150,000 160,508 
Series 2014 A, 5% 11/15/21 100,000 107,005 
Illinois Fin. Auth. Rev.:   
Series 2009, 5% 8/15/20 100,000 103,125 
Series 2011 IL, 4% 12/1/20 150,000 154,556 
Series 2012 C, 5% 8/15/21 145,000 154,429 
Series 2015 A, 5% 11/15/20 110,000 114,369 
Illinois Gen. Oblig.:   
Series 2010, 5% 1/1/21 (FSA Insured) 165,000 166,378 
Series 2017 B, 5% 11/1/19 250,000 250,601 
Series 2017 D, 5% 11/1/20 400,000 411,976 
Series 2018 A, 5% 10/1/20 100,000 102,777 
Series 2018 B, 5% 10/1/20 240,000 246,664 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/21 170,000 177,898 
Illinois Reg'l. Trans. Auth. Series 2016 A, 5% 6/1/21 200,000 211,762 
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A:   
5% 12/1/20 100,000 104,116 
5% 12/1/22 275,000 305,143 
Railsplitter Tobacco Settlement Auth. Rev.:   
Series 2010:   
5.25% 6/1/20 255,000 261,133 
5.375% 6/1/21 375,000 398,239 
Series 2017:   
5% 6/1/22 235,000 255,753 
5% 6/1/23 370,000 414,322 
Univ. of Illinois Rev. Series 1991, 0% 4/1/21 230,000 223,551 
TOTAL ILLINOIS  6,547,521 
Indiana - 1.6%   
Indiana Fin. Auth. Hosp. Rev. Bonds:   
Series 2011 H, 1.65%, tender 7/1/22 (a) 145,000 145,483 
Series 2011 L:   
SIFMA Municipal Swap Index + 0.280% 1.86%, tender 7/2/21 (a)(d) 100,000 100,027 
SIFMA Municipal Swap Index + 0.280% 1.86%, tender 7/2/21 (a)(d) 100,000 100,026 
Series 2015 B, 1.65%, tender 7/2/22 (a) 50,000 50,167 
Indiana Fin. Auth. Rev. (Butler Univ. Proj.) Series 2019, 3% 2/1/21 140,000 142,922 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (c) 205,000 227,214 
TOTAL INDIANA  765,839 
Kansas - 0.4%   
Kansas Dev. Fin. Agcy. Series 2009, 5.5% 11/15/22 200,000 201,000 
Kentucky - 2.6%   
Kentucky State Property & Buildings Commission Rev.:   
(Kentucky St Proj.) Series 2010, 5% 8/1/20 650,000 668,804 
(Proj. No. 83) Series 2004, 5% 10/1/19 (AMBAC Insured) 200,000 200,000 
Series 2018, 5% 5/1/23 65,000 72,810 
Kentucky, Inc. Pub. Energy Series 2018 B, 4% 7/1/21 100,000 103,900 
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) 250,000 254,335 
TOTAL KENTUCKY  1,299,849 
Louisiana - 0.5%   
Louisiana Citizens Property Ins. Corp. Assessment Rev. Series 2015, 5% 6/1/20 165,000 168,831 
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) 100,000 100,208 
TOTAL LOUISIANA  269,039 
Massachusetts - 0.2%   
Massachusetts Edl. Fing. Auth. Rev. Series 2010 A, 5.5% 1/1/22 100,000 101,114 
Michigan - 4.2%   
Grand Traverse County Hosp. Fin. Auth. Series 2011 A, 5% 7/1/20 115,000 117,977 
Michigan Fin. Auth. Rev.:   
(Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/20 295,000 306,213 
Bonds:   
Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 2.06%, tender 2/1/22 (a)(d) 200,000 200,268 
Series 2019 B, 3.5%, tender 11/15/22 (a) 70,000 73,960 
Series 2010 A, 5% 12/1/19 160,000 160,946 
Series 2015 A:   
5% 5/15/20 125,000 127,732 
5% 8/1/22 125,000 137,516 
Series 2015 MI, 5% 12/1/21 100,000 107,649 
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 1.9%, tender 4/1/21 (a) 180,000 181,382 
Milan Area Schools Series 2019, 5% 5/1/21 170,000 179,532 
Wayne County Arpt. Auth. Rev.:   
(Detroit Metropolitan Wayne County Arpt.) Series 2015 G, 5% 12/1/19 200,000 201,203 
Series 2011 A, 5% 12/1/19 (c) 260,000 261,507 
TOTAL MICHIGAN  2,055,885 
Minnesota - 0.9%   
Rochester Health Care Facilities Rev. Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (a) 200,000 212,736 
Saint Cloud Health Care Rev. Series 2014 B, 5% 5/1/23 205,000 230,088 
TOTAL MINNESOTA  442,824 
Nevada - 1.7%   
Clark County Arpt. Rev.:   
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/20 (c) 200,000 205,314 
Series 2013 A, 5% 7/1/21 (c) 125,000 132,649 
Series 2017 C, 5% 7/1/21 (c) 200,000 212,238 
Clark County School District Series 2016 F, 5% 6/15/21 200,000 212,070 
Washoe County Gas Facilities Rev. Bonds Series 2016 F, 2.05%, tender 4/15/22 (a)(c) 100,000 100,668 
TOTAL NEVADA  862,939 
New Jersey - 8.9%   
New Jersey Econ. Dev. Auth. Rev. Series 2015 XX, 4% 6/15/22 200,000 210,740 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2011 1:   
5% 12/1/19 (c) 200,000 201,119 
5% 12/1/20 (c) 135,000 140,323 
Series 2012 1A, 4% 12/1/19 (c) 210,000 210,834 
Series 2013, 4% 12/1/20 (c) 40,000 41,118 
Series 2015 1A:   
5% 12/1/21 (c) 600,000 642,834 
5% 12/1/22 (c) 100,000 110,080 
Series 2015 A, 5% 12/1/20 (c) 100,000 103,943 
Series 2018 B, 5% 12/1/20 (c) 100,000 103,943 
Series 2019 A, 5% 12/1/22 15,000 16,659 
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 10/1/22 (c) 100,000 105,848 
New Jersey Inst of Technology Series 2015 A, 5% 7/1/23 190,000 213,328 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:   
5% 6/1/21 100,000 105,671 
5% 6/1/23 175,000 195,699 
New Jersey Trans. Trust Fund Auth.:   
Series 2003 B. 5.25% 12/15/19 90,000 90,648 
Series 2014 AA, 5% 6/15/20 200,000 204,643 
Series 2016 A:   
5% 6/15/20 180,000 184,307 
5% 6/15/21 100,000 105,773 
5% 6/15/22 100,000 108,874 
Series 2018 A:   
5% 6/15/21 175,000 185,103 
5% 6/15/22 210,000 228,635 
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A:   
5% 9/15/20 250,000 258,293 
5% 9/15/21 570,000 607,791 
TOTAL NEW JERSEY  4,376,206 
New York - 0.4%   
New York Metropolitan Trans. Auth. Rev. Series 2018 C, 5% 9/1/20 175,000 180,585 
Ohio - 0.5%   
Allen County Hosp. Facilities Rev. Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) 155,000 168,823 
Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 2.01%, tender 11/15/21 (a)(d) 100,000 100,217 
TOTAL OHIO  269,040 
Pennsylvania - 3.7%   
Allegheny County Arpt. Auth. Rev. Series 2001, 5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) 100,000 104,306 
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A, 5% 6/1/20 100,000 102,268 
Lehigh County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PPL Elec. Utils. Corp. Proj.) Series 2016 A, 1.8%, tender 9/1/22 (a) 30,000 30,076 
Pennsylvania Gen. Oblig.:   
Series 2011, 5% 11/15/20 60,000 62,444 
Series 2016, 5% 1/15/22 255,000 276,007 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
(Thomas Jefferson Univ. Proj.) Series 2012, 5% 3/1/20 50,000 50,727 
First Series 2012, 5% 4/1/21 125,000 131,798 
Pennsylvania Tpk. Commission Tpk. Rev.:   
Series 2018 A1:   
SIFMA Municipal Swap Index + 0.350% 1.93% 12/1/20 (a)(d) 100,000 100,224 
SIFMA Municipal Swap Index + 0.430% 2.01% 12/1/21 (a)(d) 200,000 200,844 
Series 2018 B, SIFMA Municipal Swap Index + 0.500% 2.08% 12/1/21 (a)(d) 130,000 130,490 
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2019 A, 5% 9/1/22 300,000 330,906 
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Series 2018, SIFMA Municipal Swap Index + 0.240% 1.82% 9/15/21 (a)(d) 300,000 299,541 
TOTAL PENNSYLVANIA  1,819,631 
Rhode Island - 0.4%   
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2015, 5% 11/1/21 200,000 214,592 
South Carolina - 0.6%   
South Carolina Pub. Svc. Auth. Rev. Series 2012, 5% 12/1/19 275,000 276,493 
Tennessee - 0.2%   
Jackson Hosp. Rev. Series 2018 A, 5% 4/1/20 100,000 101,672 
Texas - 1.7%   
Bridgeport Independent School District Series 2010, 4% 8/15/20 340,000 340,752 
Dallas Fort Worth Int'l. Arpt. Rev.:   
Series 2013 E, 5% 11/1/19 (c) 120,000 120,343 
Series 2014 D, 5% 11/1/21 (c) 100,000 107,210 
Lower Colorado River Auth. Rev. Series 2012 B, 5% 5/15/21 245,000 259,516 
TOTAL TEXAS  827,821 
Virginia - 0.9%   
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 2008 B, 2.15%, tender 9/1/20 (a) 250,000 251,377 
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds:   
(Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 1.875%, tender 6/1/20 (a) 25,000 25,055 
Series 2009 A, 2.15%, tender 9/1/20 (a) 50,000 50,275 
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.9%, tender 6/1/23 (a) 100,000 101,076 
TOTAL VIRGINIA  427,783 
Washington - 0.6%   
Port of Seattle Rev. Series C, 5% 2/1/21 (c) 105,000 109,963 
Tobacco Settlement Auth. Rev. Series 2018, 5% 6/1/23 155,000 173,619 
TOTAL WASHINGTON  283,582 
West Virginia - 0.8%   
Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(c) 300,000 307,488 
Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 100,000 103,291 
TOTAL WEST VIRGINIA  410,779 
Wisconsin - 2.1%   
Wisconsin Health & Edl. Facilities:   
Bonds:   
Series 2018 B, 5%, tender 1/26/22 (a) 100,000 108,203 
Series 2018 C, SIFMA Municipal Swap Index + 0.450% 2.03%, tender 7/27/22 (a)(d) 155,000 154,763 
Series 2017 A, 5% 4/1/20 150,000 152,629 
Wisconsin Health & Edl. Facilities Auth. (Unitypoint Health Proj.) Series 2014 A, 5% 12/1/19 200,000 201,160 
Wisconsin Health & Edl. Facilities Auth. Rev.:   
Series 2009 A, 5.5% 12/15/20 250,000 252,065 
Series 2012 B, 5% 8/15/21 170,000 181,055 
TOTAL WISCONSIN  1,049,875 
TOTAL MUNICIPAL BONDS   
(Cost $31,547,312)  31,688,642 
Municipal Notes - 35.6%   
Alabama - 1.2%   
Birmingham Indl. Dev. Board Solid Waste Rev. (American Cast Iron Pipe Co. Proj.) Series 2000, 1.8% 10/7/19, LOC Bank of America NA, VRDN (a)(c) 180,000 $180,000 
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 1.83% 10/1/19, VRDN (a)(c) 400,000 400,000 
TOTAL ALABAMA  580,000 
California - 0.4%   
California Health Facilities Fing. Auth. Rev. Participating VRDN Series Floaters XG 00 48, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 100,000 100,000 
San Jose Multi-family Hsg. Rev. Participating VRDN Series XF 10 85, 1.88% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f)(g) 100,000 100,000 
TOTAL CALIFORNIA  200,000 
Colorado - 2.6%   
Colorado Hsg. & Fin. Auth. Econ. Dev. (Pacific Instruments Proj.) Series 2000, 1.8% 10/3/19, LOC Wells Fargo Bank NA, VRDN (a)(c) 85,000 85,000 
Denver City & County Arpt. Rev. Participating VRDN:   
Series DBE 8027, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) 100,000 100,000 
Series Floaters XL 00 90, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) 1,100,000 1,100,000 
TOTAL COLORADO  1,285,000 
Connecticut - 0.2%   
New Britain Gen. Oblig. BAN Series 2018, 5% 12/19/19 100,000 100,765 
Florida - 6.0%   
Aqua One Cmnty. Dev. District Fla Participating VRDN Series Floaters XF 10 76, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 200,000 200,000 
Avenir Cmnty. Dev. District Participating VRDN Series Floaters XF 10 74, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 120,000 120,000 
Broward County Arpt. Sys. Rev. Participating VRDN Series Floaters XL 00 88, 1.83% 10/7/19 (Liquidity Facility Citibank NA) (a)(c)(e)(f) 200,000 200,000 
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.):   
Series 2015, 1.8% 10/1/19, VRDN (a)(c) 505,000 505,000 
Series 2018 B, 1.85% 10/1/19, VRDN (a)(c) 290,000 290,000 
Palm Beach County Health Facilities Auth. Rev. Participating VRDN Series Floaters 017, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 1,300,000 1,299,998 
Pinellas County Health Facilities Auth. Rev. (Suncoast Hospice Proj.) Series 2004, 1.7% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a) 325,000 325,000 
TOTAL FLORIDA  2,939,998 
Georgia - 0.7%   
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) First Series 2009, 1.82% 10/1/19, VRDN (a) 220,000 220,000 
Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2019, 1.77% 10/1/19, VRDN (a)(c) 110,000 110,000 
TOTAL GEORGIA  330,000 
Illinois - 1.4%   
Illinois Gen. Oblig. Participating VRDN:   
Series Floaters XM 01 86, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 400,000 400,000 
Series Floaters XM 07 11, 1.88% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 300,000 300,000 
TOTAL ILLINOIS  700,000 
Indiana - 0.2%   
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.81% 10/7/19, VRDN (a)(c) 100,000 100,000 
Kentucky - 0.3%   
Glasgow Indl. Bldg. Rev. (Felker Brothers Corp. Proj.) 1.92% 10/2/19, LOC JPMorgan Chase Bank, VRDN (a)(c) 140,000 140,000 
Louisiana - 1.8%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.77% 10/7/19, VRDN (a) 400,000 400,000 
Series 2010 B1, 1.7% 10/7/19, VRDN (a) 500,000 500,000 
TOTAL LOUISIANA  900,000 
Massachusetts - 0.8%   
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 1.83% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) 165,000 165,000 
Nahant BAN Series 2019 B, 2.5% 7/9/20 100,000 100,771 
Truro Massachusetts BAN Series 2019, 2.5% 6/19/20 100,000 100,709 
TOTAL MASSACHUSETTS  366,480 
Michigan - 0.2%   
Waterford School District RAN 2% 9/23/20 100,000 100,384 
Minnesota - 0.4%   
Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f)(h) 200,000 200,000 
Mississippi - 0.4%   
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Gulf Pwr. Co. Proj.) Series 2012, 1.77% 10/1/19, VRDN (a)(c) 200,000 200,000 
Missouri - 0.2%   
Kansas City Indl. Dev. Auth. Participating VRDN Series XM 07 45, 1.8% 10/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(e)(f) 100,000 100,000 
Nebraska - 0.4%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.81% 10/7/19, VRDN (a)(c) 200,000 200,000 
Nevada - 2.0%   
Clark County Arpt. Rev. Participating VRDN Series ROC II R 11823, 1.73% 10/7/19 (Liquidity Facility Citibank NA) (a)(e)(f) 1,000,000 1,000,000 
New Jersey - 2.5%   
Chester Township Gen. Oblig. BAN Series 2018, 3% 10/11/19 100,000 100,043 
Delran Township BAN Series 2018, 3% 10/25/19 200,000 200,195 
East Brunswick Township Gen. Oblig. BAN Series 2019, 3.5% 1/10/20 100,000 100,608 
Flemington BAN 3.5% 1/15/20 100,000 100,572 
Millburn Township Gen. Oblig. BAN Series 2019, 2.75% 1/30/20 100,000 100,479 
Millstone Township Gen. Oblig. BAN Series 2019, 2.25% 8/28/20 100,000 100,692 
Passaic Gen. Oblig. BAN Series 2019, 2.25% 8/27/20 100,000 100,635 
Roselle County of Union BAN Series 2018, 3.5% 12/6/19 100,000 100,383 
Vineland Gen. Oblig. BAN Series 2018, 3.5% 11/14/19 200,000 200,492 
Wood-Ridge Gen. Oblig. BAN Series 2019, 2% 9/11/20 100,000 100,420 
TOTAL NEW JERSEY  1,204,519 
New York - 6.8%   
Build NYC FC Hanson Office Assn. Participating VRDN Series BAML 50 20, 1.81% 10/7/19 (Liquidity Facility Bank of America NA) (a)(c)(e)(f) 425,000 425,000 
Geneva Hsg. Auth. Rev. Series 2000, 1.98% 10/7/19, VRDN (a)(c) 90,000 90,000 
Gloversville School District BAN Series 2018, 3% 10/18/19 500,000 500,337 
Nassau County IDA Bryant Landing Participating VRDN Series BAML 50 18, 1.81% 10/7/19 (Liquidity Facility Bank of America NA) (a)(c)(e)(f) 300,000 300,000 
New York Hsg. Fin. Agcy. Rev. (350 West 43rd Street Hsg. Proj.) Series 2001 A, 1.82% 10/1/19, LOC Landesbank Hessen-Thuringen, VRDN (a)(c) 175,000 175,000 
New York Metropolitan Trans. Auth. Rev. BAN:   
Series 2018 B, 5% 5/15/21 615,000 649,200 
Series 2019 D1, 5% 9/1/22 1,100,000 1,204,720 
TOTAL NEW YORK  3,344,257 
Ohio - 1.1%   
East Clinton Local School District BAN Series 2019, 2.8% 12/3/19 100,000 100,226 
Englewood BAN Series 2019, 3% 1/22/20 100,000 100,414 
Forest Park Gen. Oblig. BAN Series 2019, 2.5% 5/27/20 100,000 100,570 
Lorain County Indl. Dev. Rev. Series 2000, 1.79% 10/7/19, LOC PNC Bank NA, VRDN (a)(c) 145,000 145,000 
Ohio St Econ. Dev. Rev. Series 2003, 1.79% 10/7/19, LOC PNC Bank NA, VRDN (a) 100,000 100,000 
TOTAL OHIO  546,210 
Pennsylvania - 0.6%   
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 1.68% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 200,000 200,000 
Philadelphia Auth. For Indl. Series 2017 B, 1.78% 10/6/22, VRDN (a) 100,000 100,000 
TOTAL PENNSYLVANIA  300,000 
Texas - 3.8%   
Mission Econ. Dev. Corp. Idr (CMI Proj.) Series 2007, 1.75% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) 320,000 320,000 
North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 1.78% 10/7/19 (Liquidity Facility Barclays Bank PLC) (a)(e)(f) 100,000 100,000 
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):   
Series 2004, 1.82% 10/7/19, VRDN (a)(c) 1,000,000 1,000,000 
Series 2010 C, 1.76% 10/1/19, VRDN (a) 270,000 270,000 
Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(e)(f) 100,000 100,000 
Texas Trans. Commission Participating VRDN Series XM 07 53, 1.83% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 100,000 100,000 
TOTAL TEXAS  1,890,000 
Virginia - 1.4%   
Henrico County Econ. Dev. Auth. Indl. Dev. Rev. Series 2001, 1.8% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) 355,000 355,000 
Longwood Hsg. Foundation LLC Participating VRDN Series DBE 80 39, 1.93% 10/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(e)(f) 200,000 200,000 
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.) Series 2001, 1.65% 10/7/19, LOC Wells Fargo Bank NA, VRDN (a)(c) 150,000 150,000 
TOTAL VIRGINIA  705,000 
Washington - 0.2%   
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.93% 11/12/19 (Liquidity Facility Barclays Bank PLC) (a)(c)(e)(f)(h) 100,000 100,000 
TOTAL MUNICIPAL NOTES   
(Cost $17,537,185)  17,532,613 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $49,084,497)  49,221,255 
NET OTHER ASSETS (LIABILITIES) - 0.2%  105,422 
NET ASSETS - 100%  $49,326,677 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

RAN – REVENUE ANTICIPATION NOTE

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

Legend

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

 (b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

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

 (e) Provides evidence of ownership in one or more underlying municipal bonds.

 (f) Coupon rates are determined by re-marketing agents based on current market conditions.

 (g) 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 $100,000 or 0.2% of net assets.

 (h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $300,000 or 0.6% of net assets.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Shakopee Minn Sr Hsg. Rev. Participating VRDN Series Floaters 001, 1.88% 11/12/19 (Liquidity Facility Barclays Bank PLC) 1/10/19 $200,000 
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 1.93% 11/12/19 (Liquidity Facility Barclays Bank PLC) 1/18/19 $100,000 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Municipal Cash Central Fund $19,255 
Total $19,255 

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. 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.





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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