NPORT-EX 2 QTLY_3042_20200930.htm

Quarterly Holdings Report
for

Fidelity Flex® Funds

Fidelity Flex® Conservative Income Municipal Bond Fund

September 30, 2020







XCB-QTLY-1120
1.9884862.102





Schedule of Investments September 30, 2020 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 68.0%   
 Principal Amount Value 
Alabama - 0.6%   
Black Belt Energy Gas District Bonds:   
Series 2016 A, 4%, tender 6/1/21 (a) $200,000 $204,065 
Series 2017 A, 4%, tender 7/1/22 (a) 225,000 237,661 
TOTAL ALABAMA  441,726 
Arizona - 0.6%   
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.) Series 2019, 5%, tender 6/3/24 (a)(b) 100,000 115,409 
Maricopa County Rev.:   
Bonds Series 2019 B, SIFMA Municipal Swap Index + 0.380% 0.5%, tender 10/18/22 (a)(c) 195,000 194,082 
Series 2016 A, 5% 1/1/23 100,000 109,788 
TOTAL ARIZONA  419,279 
California - 0.6%   
California Infrastructure and Econ. Dev. Bank Rev. Bonds Series 2018 C, 1 month U.S. LIBOR + 0.380% 0.486%, tender 10/1/20 (a)(c) 245,000 244,175 
Los Angeles Dept. Arpt. Rev. Series 2015 C, 5% 5/15/21 200,000 205,838 
TOTAL CALIFORNIA  450,013 
Colorado - 0.6%   
Colorado Health Facilities Auth. Series 2019 A, 5% 1/1/22 100,000 105,574 
Colorado Univ. Co. Hosp. Auth. Rev. Series 2012 A, 4% 11/15/21 100,000 103,867 
Denver City & County Arpt. Rev. Series 2017 A, 5% 11/15/20 (b) 200,000 201,109 
TOTAL COLORADO  410,550 
Connecticut - 6.0%   
Connecticut Gen. Oblig.:   
Series 2012 C, 5% 6/1/21 175,000 180,570 
Series 2012 E, 5% 9/15/22 210,000 229,593 
Series 2014 F, 5% 11/15/20 375,000 377,166 
Series 2015 B, 5% 6/15/21 200,000 206,738 
Series 2015 C, SIFMA Municipal Swap Index + 0.900% 1.02% 6/15/21 (a)(c) 100,000 100,419 
Series 2016 A, 5% 3/15/24 200,000 231,194 
Series 2019 A, 5% 4/15/21 150,000 153,856 
Series B, 5% 5/15/23 300,000 308,775 
Series D, 4% 11/1/21 200,000 208,200 
Series E, 5% 9/15/22 200,000 218,660 
Connecticut Health & Edl. Facilities Auth. Rev. Bonds:   
Series 2010 A4, 2%, tender 2/8/22 (a) 100,000 102,453 
Series 2014 A, 1.1%, tender 2/7/23 (a) 300,000 305,466 
Series 2017 A2, 5%, tender 7/1/22 (a) 465,000 504,167 
Series 2017 C2, 5%, tender 2/1/23 (a) 175,000 194,523 
Connecticut Hsg. Fin. Auth. Series C, 5% 11/15/23 (b) 100,000 113,366 
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/23 115,000 127,295 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:   
Series 2012 A, 5% 1/1/24 150,000 165,644 
Series 2016 A, 5% 9/1/21 220,000 229,616 
Series A, 5% 5/1/23 325,000 364,094 
TOTAL CONNECTICUT  4,321,795 
District Of Columbia - 0.8%   
Metropolitan Washington DC Arpts. Auth. Sys. Rev.:   
Series 2011 C:   
5% 10/1/21 (b) 205,000 214,376 
5% 10/1/22 (b) 20,000 20,865 
Series 2017 A, 5% 10/1/22 (b) 215,000 233,752 
Series 2019 A:   
5% 10/1/21 (b) 10,000 10,457 
5% 10/1/22 (b) 5,000 5,436 
Series 2020 A, 5% 10/1/22 (b) 85,000 92,414 
TOTAL DISTRICT OF COLUMBIA  577,300 
Florida - 6.2%   
Broward County Arpt. Sys. Rev.:   
Series 2012 P-2, 5% 10/1/21 240,000 251,273 
Series 2012 P1, 5% 10/1/20 (b) 100,000 100,000 
Series 2012 P2, 5% 10/1/20 275,000 275,000 
Series 2017, 5% 10/1/23 (b) 125,000 140,533 
Series 2019 A, 5% 10/1/21 (b) 100,000 104,491 
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A, 5% 10/1/22 180,000 194,762 
Florida Muni. Pwr. Agcy. Rev.:   
Series 2011 A, 5% 10/1/20 215,000 215,000 
Series 2011 B, 5% 10/1/22 100,000 104,573 
Series 2016 A, 5% 10/1/21 150,000 156,660 
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:   
Series 2011 B, 4% 10/1/22 (b) 150,000 154,941 
Series 2016 A, 5% 10/1/20 (b) 100,000 100,000 
Series 2019 A, 5% 10/1/22 (b) 105,000 113,852 
Jacksonville Elec. Auth. Elec. Sys. Rev.:   
Series 2012 A, 5% 10/1/20 200,000 200,000 
Series 2013 A:   
5% 10/1/20 200,000 200,000 
5% 10/1/22 115,000 125,296 
Series 2013 D, 5% 10/1/21 200,000 208,983 
Lee Memorial Health Sys. Hosp. Rev. Series 2019 A1, 5% 4/1/21 165,000 168,741 
Miami-Dade County Aviation Rev. Series A1, 5% 10/1/20 170,000 170,000 
Miami-Dade County Health Facilities Auth. Hosp. Rev. (Nicklaus Children Hosp.) Series 2017, 5% 8/1/23 215,000 241,110 
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)(b) 150,000 152,801 
Miami-Dade County School Board Ctfs. of Prtn.:   
Series 2012 B-1, 5% 10/1/20 220,000 220,000 
Series 2014 D:   
5% 11/1/20 225,000 225,869 
5% 11/1/21 100,000 105,167 
Series 2015 A, 5% 5/1/21 100,000 102,778 
Miami-Dade County Wtr. & Swr. Rev.:   
Series 2008 A, 5.25% 10/1/20 (FSA Insured) 100,000 100,000 
Series 2015, 5% 10/1/20 175,000 175,000 
Palm Beach County School Board Ctfs. of Prtn. Series 2012 C, 5% 8/1/23 115,000 124,883 
TOTAL FLORIDA  4,431,713 
Georgia - 4.2%   
Bartow County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Bowen Proj.) Series 2013, 1.55%, tender 8/19/22 (a) 100,000 101,228 
Georgia Muni. Elec. Auth. Pwr. Rev.:   
(Combined Cycle Proj.) Series 2012 A, 5% 11/1/20 75,000 75,275 
(Gen. Resolution Proj.) Series 2008 A, 5.25% 1/1/21 325,000 328,856 
Series 2011 A, 5% 1/1/21 220,000 222,474 
Series 2019 A:   
5% 1/1/21 205,000 207,306 
5% 1/1/23 450,000 493,943 
Main Street Natural Gas, Inc. Bonds:   
Series 2018 C, 4%, tender 12/1/23 (a) 110,000 121,109 
Series 2018 E, SIFMA Municipal Swap Index + 0.570% 0.69%, tender 12/1/23 (a)(c) 930,000 932,362 
Seroes 2018 B, 1 month U.S. LIBOR + 0.750% 0.854%, tender 9/1/23 (a)(c) 400,000 399,556 
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Scherer Proj.) Series 2009, 2.35%, tender 12/11/20 (a) 100,000 100,357 
TOTAL GEORGIA  2,982,466 
Hawaii - 0.2%   
Hawaii Gen. Oblig. Series EF, 5% 11/1/20 120,000 120,468 
Illinois - 10.8%   
Champaign County Cmnty. Unit Series 2020 A, 0% 1/1/24 380,000 372,066 
Chicago O'Hare Int'l. Arpt. Rev.:   
Series 2011 B, 5% 1/1/21 225,000 227,406 
Series 2012 A, 5% 1/1/21 115,000 116,230 
Series 2012 B, 5% 1/1/22 (b) 120,000 125,887 
Series 2013 D, 5% 1/1/22 215,000 226,429 
Cook County Gen. Oblig.:   
Series 2012 C:   
5% 11/15/20 300,000 301,542 
5% 11/15/21 150,000 157,196 
Series 2014 A:   
5% 11/15/20 200,000 201,028 
5% 11/15/21 100,000 104,797 
Series 2016 A, 5% 11/15/21 100,000 104,797 
Illinois Fin. Auth. Rev.:   
Series 2011 IL, 4% 12/1/20 150,000 150,868 
Series 2012 C, 5% 8/15/21 145,000 150,614 
Series 2014 A, 5% 10/1/20 300,000 300,000 
Series 2015 A:   
5% 11/15/20 110,000 110,547 
5% 11/15/21 100,000 104,982 
5% 11/15/22 145,000 158,595 
5% 11/15/23 150,000 168,759 
Series 2016 A, 5% 10/1/22 200,000 215,408 
Illinois Gen. Oblig.:   
Series 2010, 5% 1/1/21 (FSA Insured) 165,000 165,454 
Series 2012, 5% 8/1/22 (FSA Insured) 100,000 105,939 
Series 2017 D, 5% 11/1/20 750,000 751,531 
Series 2018 A, 5% 10/1/20 100,000 100,000 
Series 2018 B, 5% 10/1/20 240,000 240,000 
Series 2019 A, 5% 11/1/20 100,000 100,233 
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A, 5% 2/1/21 170,000 172,580 
Illinois Reg'l. Trans. Auth. Series 2016 A, 5% 6/1/21 200,000 205,779 
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2014 A:   
5% 12/1/20 100,000 100,744 
5% 12/1/22 275,000 301,752 
Kendall, Kane & Will Counties Cmnty. Unit School District #308 Series 2008, 0% 2/1/22 (FSA Insured) 175,000 173,602 
Railsplitter Tobacco Settlement Auth. Rev.:   
Series 2010, 5.375% 6/1/21 595,000 615,376 
Series 2017:   
5% 6/1/22 235,000 252,101 
5% 6/1/23 370,000 412,354 
5% 6/1/24 405,000 467,321 
Univ. of Illinois Rev. Series 1991, 0% 4/1/21 310,000 308,040 
TOTAL ILLINOIS  7,769,957 
Indiana - 1.2%   
Indiana Fin. Auth. Hosp. Rev. Bonds:   
Series 2011 H, 1.65%, tender 7/1/22 (a) 145,000 147,343 
Series 2011 L:   
SIFMA Municipal Swap Index + 0.280% 0.4%, tender 10/1/20 (a)(c) 100,000 99,871 
SIFMA Municipal Swap Index + 0.280% 0.4%, tender 10/1/20 (a)(c) 100,000 99,871 
Series 2015 B, 1.65%, tender 7/2/22 (a) 50,000 50,808 
Indiana Fin. Auth. Rev. (Butler Univ. Proj.) Series 2019, 3% 2/1/21 140,000 141,046 
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.) Series 2011 A, 5% 10/1/20 125,000 125,000 
Indianapolis Local Pub. Impt. (Indianapolis Arpt. Auth. Proj.) Series 2015 I, 5% 1/1/23 (b) 205,000 222,899 
TOTAL INDIANA  886,838 
Kentucky - 2.1%   
Kentucky State Property & Buildings Commission Rev.:   
Series 2018:   
5% 5/1/22 225,000 241,403 
5% 5/1/23 65,000 72,409 
Series B, 5% 11/1/20 200,000 200,748 
Series C, 5% 11/1/21 155,000 162,748 
Kentucky, Inc. Pub. Energy:   
Series 2018 B, 4% 7/1/21 100,000 102,523 
Series A, 4% 6/1/22 325,000 342,888 
Louisville & Jefferson County Series 2016 A, 5% 10/1/22 140,000 152,095 
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.) Series 2001 B, 2.55%, tender 5/3/21 (a) 250,000 252,670 
TOTAL KENTUCKY  1,527,484 
Louisiana - 0.3%   
Louisiana Gen. Oblig. Series 2015 A, 5% 5/1/21 100,000 102,813 
St. John Baptist Parish Rev. Bonds (Marathon Oil Corp.) Series 2017, 2%, tender 4/1/23 (a) 100,000 100,316 
TOTAL LOUISIANA  203,129 
Massachusetts - 1.0%   
Massachusetts Dev. Fin. Agcy. Rev.:   
Bonds Series S3, SIFMA Municipal Swap Index + 0.500% 0.62%, tender 1/26/23 (a)(c) 200,000 199,826 
Series 2018 A, 4% 10/1/20 100,000 100,000 
Massachusetts Edl. Fing. Auth. Rev. Series 2010 A, 5.5% 1/1/22 100,000 100,322 
Massachusetts Health & Edl. Facilities Auth. Rev. Series 2010 A, 5% 10/1/22 300,000 300,000 
TOTAL MASSACHUSETTS  700,148 
Michigan - 2.9%   
Detroit/Wayne Co. Stadium Auth. Series 2012, 5% 10/1/20 (FSA Insured) 150,000 150,000 
Michigan Fin. Auth. Rev.:   
(Henry Ford Health Sys. Proj.) Series 2016, 5% 11/15/20 295,000 296,538 
Bonds:   
Series 2016 MI2, SIFMA Municipal Swap Index + 0.480% 0.6%, tender 2/1/22 (a)(c) 200,000 199,952 
Series 2019 B, 3.5%, tender 11/15/22 (a) 70,000 74,171 
Series 2015 A, 5% 8/1/22 125,000 135,140 
Series 2015 MI, 5% 12/1/21 170,000 178,927 
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 1.9%, tender 4/1/21 (a) 180,000 181,439 
Milan Area Schools Series 2019, 5% 5/1/21 170,000 174,550 
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D, 5% 9/1/21 300,000 312,208 
Wayne County Arpt. Auth. Rev.:   
Series 2012 A, 5% 12/1/20 300,000 302,332 
Sseries 2012 A, 5% 12/1/21 100,000 105,505 
TOTAL MICHIGAN  2,110,762 
Minnesota - 0.6%   
Rochester Health Care Facilities Rev. Bonds (Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (a) 200,000 209,080 
Saint Cloud Health Care Rev. Series 2014 B, 5% 5/1/23 205,000 227,751 
TOTAL MINNESOTA  436,831 
Missouri - 0.3%   
Saint Louis Arpt. Rev. Series 2017 A, 5% 7/1/21 (FSA Insured) 225,000 232,385 
Nebraska - 0.4%   
Central Plains Energy Proj. Gas Supply Series 2019, 4% 8/1/21 100,000 102,990 
Nebraska Pub. Pwr. District Rev. Series 2014 A, 5% 1/1/21 150,000 151,797 
TOTAL NEBRASKA  254,787 
Nevada - 1.5%   
Clark County Arpt. Rev.:   
(Sub Lien Proj.) Series 2017 A-1, 5% 7/1/21 (b) 150,000 154,935 
Series 2013 A, 5% 7/1/21 (b) 125,000 129,017 
Series 2017 C, 5% 7/1/21 (b) 200,000 206,427 
Series 2018 A, 5% 7/1/21 265,000 273,718 
Clark County School District Series 2016 F, 5% 6/15/21 200,000 206,406 
Washoe County Gas Facilities Rev. Bonds Series 2016 F, 2.05%, tender 4/15/22 (a)(b) 100,000 102,175 
TOTAL NEVADA  1,072,678 
New Jersey - 6.1%   
New Jersey Econ. Dev. Auth. Rev.:   
Series 2012 II, 5% 3/1/22 250,000 264,040 
Series 2013 NN 5% 3/1/22 100,000 105,616 
Series 2015 XX, 4% 6/15/22 285,000 299,395 
New Jersey Gen. Oblig. Series 2014, 5% 6/1/21 100,000 102,795 
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2016 A, 5% 7/1/21 130,000 134,227 
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:   
Series 2011 1, 5% 12/1/20 (b) 135,000 135,873 
Series 2013, 4% 12/1/20 (b) 40,000 40,193 
Series 2015 1A:   
5% 12/1/21 (b) 600,000 627,108 
5% 12/1/22 (b) 100,000 107,990 
Series 2015 A, 5% 12/1/20 (b) 100,000 100,647 
Series 2018 B, 5% 12/1/20 (b) 100,000 100,647 
Series 2019 A, 5% 12/1/22 15,000 16,239 
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D, 4% 10/1/22 (b) 100,000 105,854 
New Jersey Tobacco Settlement Fing. Corp. Series 2018 A:   
5% 6/1/21 100,000 102,814 
5% 6/1/23 300,000 333,057 
5% 6/1/24 255,000 292,727 
New Jersey Trans. Trust Fund Auth.:   
Series 2005 B, 5.5% 12/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 100,000 105,502 
Series 2016 A:   
5% 6/15/21 100,000 102,628 
5% 6/15/22 100,000 106,314 
Series 2018 A:   
5% 6/15/21 255,000 261,702 
5% 6/15/22 210,000 223,259 
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 570,000 593,623 
Union County Gen. Oblig. Series 2020, 0.5% 3/1/22 100,000 100,395 
TOTAL NEW JERSEY  4,362,645 
New York - 1.5%   
New York City Gen. Oblig. Series 2016 A, 5% 8/1/22 110,000 119,643 
New York City Transitional Fin. Auth. Rev.:   
Series 2003 B, 5% 2/1/22 100,000 101,575 
Series 2011 E, 5% 11/1/20 150,000 150,587 
New York Dorm. Auth. Personal Income Tax Rev. Series 2011 C, 5% 3/15/21 160,000 163,511 
New York Dorm. Auth. Rev. Series 2011 A, 5% 10/1/22 100,000 102,410 
New York Metropolitan Trans. Auth. Rev. Series 2012 D, 5% 11/15/20 280,000 280,702 
Triborough Bridge & Tunnel Auth. Revs. Series 2012 B, 5% 11/15/20 130,000 130,737 
TOTAL NEW YORK  1,049,165 
New York And New Jersey - 2.1%   
Port Auth. of New York & New Jersey:   
Series 175, 5% 12/1/21 200,000 210,718 
Series 177, 5% 7/15/21 (b) 190,000 196,790 
Series 178, 5% 12/1/20 200,000 201,542 
Series 185, 5% 9/1/21 (b) 100,000 104,154 
Series 186, 5% 10/15/21 (b) 100,000 104,665 
Series 195, 5% 10/1/21 (b) 100,000 104,532 
Series 205, 5% 11/15/20 410,000 412,303 
Series 209, 5% 7/15/21 160,000 165,899 
TOTAL NEW YORK AND NEW JERSEY  1,500,603 
North Carolina - 0.8%   
Charlotte Int'l. Arpt. Rev. Series 2017 A, 5% 7/1/21 200,000 206,841 
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/21 (Escrowed to Maturity) 200,000 202,320 
North Carolina Med. Care Commission Health Care Facilities Rev. Series 2012 A, 5% 10/1/20 150,000 150,000 
TOTAL NORTH CAROLINA  559,161 
Ohio - 1.0%   
Allen County Hosp. Facilities Rev. Bonds (Mercy Health) Series 2017 B, 5%, tender 5/5/22 (a) 155,000 165,173 
Franklin County Hosp. Facilities Rev. Bonds (Ohio Health Corp.) Series 2018 B, SIFMA Municipal Swap Index + 0.430% 0.55%, tender 11/15/21 (a)(c) 100,000 99,940 
Miami Univ. Series 2017, 5% 9/1/21 300,000 313,198 
Ohio Higher Edl. Facility Commission Rev. Series 2012 A, 5% 1/1/23 150,000 158,600 
TOTAL OHIO  736,911 
Oregon - 0.6%   
Oregon Bus. Dev. Commission Bonds Series 250, 5%, tender 3/1/22 (a)(b) 155,000 164,088 
Oregon Bus. Dev. Commission Recovery Zone Facility Bonds (Intel Corp. Proj.) Series 232, 2.4%, tender 8/14/23 (a) 125,000 131,448 
Port of Portland Arpt. Rev. Series 25 B, 5% 7/1/21 (b) 150,000 154,499 
TOTAL OREGON  450,035 
Pennsylvania - 2.9%   
Allegheny County Higher Ed. Bldg. Auth. Series 2013, 5% 3/1/21 160,000 163,223 
Allegheny County Hosp. Dev. Auth. Rev. Series 2019 A, 5% 7/15/23 100,000 112,373 
Delaware County Auth. Univ. Rev. Series 2014, 5% 8/1/21 100,000 103,776 
Geisinger Auth. Health Sys. Rev. Series 2020 A, 5% 4/1/22 85,000 90,831 
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 30,365 
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/21 100,000 101,685 
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2016, 4% 3/15/21 100,000 101,613 
Pennsylvania Gen. Oblig. Series 2011, 5% 11/15/20 60,000 60,343 
Pennsylvania Higher Edl. Facilities Auth. Rev. First Series 2012, 5% 4/1/21 125,000 127,917 
Pennsylvania Tpk. Commission Tpk. Rev.:   
Series 2018 A1, SIFMA Municipal Swap Index + 0.430% 0.55% 12/1/21 (a)(c) 200,000 200,110 
Series 2018 B, SIFMA Municipal Swap Index + 0.500% 0.62% 12/1/21 (a)(c) 130,000 130,033 
Philadelphia Arpt. Rev.:   
Series 2011 A, 5% 6/15/21 (b) 100,000 103,030 
Series 2017 B, 5% 7/1/21 (b) 100,000 103,275 
Philadelphia Auth. For Indl. Dev. Series 2016 1:   
5% 4/1/21 175,000 179,075 
5% 4/1/22 100,000 106,953 
Philadelphia Gas Works Rev. Series 15, 5% 8/1/21 150,000 155,574 
Philadelphia Wtr. & Wastewtr. Rev. Series 2016, 5% 10/1/20 200,000 200,000 
TOTAL PENNSYLVANIA  2,070,176 
Rhode Island - 0.8%   
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. Series 2015:   
5% 11/1/21 440,000 461,604 
5% 11/1/22 110,000 119,409 
TOTAL RHODE ISLAND  581,013 
South Carolina - 0.8%   
Patriots Energy Group Fing. Agcy. Bonds Series 2018 A, 4%, tender 2/1/24 (a) 145,000 160,319 
South Carolina Pub. Svc. Auth. Rev.:   
Series 2012 B, 5% 12/1/20 100,000 100,732 
Series 2016 C, 5% 12/1/22 100,000 109,523 
Series A, 5% 12/1/21 200,000 210,358 
TOTAL SOUTH CAROLINA  580,932 
Tennessee - 1.5%   
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2020 B, 5% 7/1/22 (b) 1,000,000 1,076,170 
Texas - 5.2%   
Austin Arpt. Sys. Rev. Series 2019, 5% 11/15/21 (b) 100,000 105,190 
Dallas Fort Worth Int'l. Arpt. Rev.:   
Series 2012 B, 5% 11/1/23 250,000 250,988 
Series 2012 E, 5% 11/1/26 (Pre-Refunded to 11/1/20 @ 100) (b) 125,000 125,479 
Series 2012 G:   
5% 11/1/25 175,000 175,691 
5% 11/1/26 175,000 175,691 
5% 11/1/27 310,000 311,225 
5% 11/1/33 155,000 155,612 
Series 2014 D, 5% 11/1/21 (b) 100,000 105,010 
Series 2014 E, 5% 11/1/21 125,000 131,389 
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. Series 2012 A, 5% 11/15/21 235,000 245,895 
Harris County Cultural Ed. Facilities Fin. Corp. Rev.:   
Bonds Series 2019 C, SIFMA Municipal Swap Index + 0.420% 0.54%, tender 12/1/22 (a)(c) 215,000 213,781 
Series 2013 A, 5% 12/1/20 355,000 357,599 
Series 2015-1, 5% 10/1/21 200,000 209,291 
Lower Colorado River Auth. Rev.:   
(LCRA Transmission Svc. Corp. Proj.) Series 2019, 5% 5/15/21 355,000 365,430 
(LCRA Transmission Svcs. Corp. Proj.):   
Series 2011 B, 5% 5/15/22 150,000 154,398 
Series 2016, 5% 5/15/22 200,000 215,310 
North Texas Tollway Auth. Rev. Series 2014 A, 5% 1/1/21 465,000 470,406 
TOTAL TEXAS  3,768,385 
Virginia - 0.4%   
Gloucester County Indl. Dev. Auth. Bonds Series 2003 A, 2.4%, tender 5/2/22 (a)(b) 120,000 122,938 
Halifax County Indl. Dev. Auth. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 0.45%, tender 4/1/22 (a) 85,000 85,000 
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) 100,000 103,636 
TOTAL VIRGINIA  311,574 
Washington - 0.8%   
Port of Seattle Rev. Series C, 5% 2/1/21 (b) 105,000 106,611 
Tobacco Settlement Auth. Rev.:   
Series 2013, 5% 6/1/22 100,000 107,394 
Series 2018, 5% 6/1/23 155,000 172,952 
Washington Gen. Oblig. (SR 520 Corridor Prog.) Series 2012 C, 5% 6/1/24 200,000 206,148 
TOTAL WASHINGTON  593,105 
West Virginia - 0.7%   
Harrison County Commission Solid Waste Disp. Rev. Bonds (Monongahela Pwr. Co. Proj.) Series 2018 A, 3%, tender 10/15/21 (a)(b) 400,000 407,965 
Mason Co. Poll. Cont. Rev. (Appalachian Pwr. Co. Proj.) Series 2003 L, 2.75% 10/1/22 100,000 103,995 
TOTAL WEST VIRGINIA  511,960 
Wisconsin - 1.9%   
Pub. Fin. Auth. Series 2020 A, 5% 1/1/22 175,000 184,394 
Wisconsin Health & Edl. Facilities:   
Bonds:   
Series 2018 B:   
5%, tender 1/26/22 (a) 100,000 106,103 
5%, tender 1/25/23 (a) 110,000 121,321 
Series 2018 C, SIFMA Municipal Swap Index + 0.450% 0.57%, tender 7/27/22 (a)(c) 155,000 154,865 
Series 2014 A, 5% 11/15/20 415,000 417,214 
Wisconsin Health & Edl. Facilities Auth. Rev. Series 2012 B, 5% 8/15/21 370,000 384,325 
TOTAL WISCONSIN  1,368,222 
TOTAL MUNICIPAL BONDS   
(Cost $48,591,896)  48,870,366 
Municipal Notes - 33.9%   
Alabama - 2.9%   
Birmingham Indl. Dev. Board Solid Waste Rev. (American Cast Iron Pipe Co. Proj.) Series 2000, 0.33% 10/7/20, LOC Bank of America NA, VRDN (a)(b) 180,000 $180,000 
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Co. Proj.) Series 2001 B, 0.17% 10/1/20, VRDN (a)(b) 1,380,000 1,380,000 
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.17% 10/1/20, VRDN (a)(b) 550,000 550,000 
TOTAL ALABAMA  2,110,000 
Arizona - 1.0%   
Arizona St Indl. Dev. Auth. Multi Participating VRDN:   
Series DBE 80 53, 0% 11/30/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)(f) 600,000 600,000 
Series XF 10 91, 0.52% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(f) 100,000 100,000 
TOTAL ARIZONA  700,000 
California - 0.7%   
River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.47% 11/4/20 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(d)(e)(f) 200,000 200,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XM 06 75, 0.42% 10/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(f) 100,000 100,000 
Series ZM 06 42, 0.35% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(f) 100,000 100,000 
San Jose Multi-family Hsg. Rev. Participating VRDN Series XF 10 85, 0.42% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(f)(g) 100,000 100,000 
TOTAL CALIFORNIA  500,000 
Colorado - 2.1%   
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XL 00 90, 0.42% 10/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(f) 1,525,000 1,525,000 
Delaware - 0.4%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 0.21% 10/1/20, VRDN (a)(b) 300,000 300,000 
Florida - 0.8%   
Broward County Indl. Dev. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2015, 0.18% 10/1/20, VRDN (a)(b) 200,000 200,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series XM 08 91, 0.32% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(f) 100,000 100,000 
Miami-Dade County Aviation Rev. Participating VRDN Series XM 08 70, 0.39% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(f) 100,000 100,000 
Saint Lucie County Solid Waste Disp. (Florida Pwr. & Lt. Co. Proj.) Series 2003, 0.17% 10/1/20, VRDN (a)(b) 200,000 200,000 
TOTAL FLORIDA  600,000 
Georgia - 0.7%   
Monroe County Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2017, 0.18% 10/1/20, VRDN (a)(b) 500,000 500,000 
Hawaii - 0.3%   
Hawaii Arpts. Sys. Rev. Participating VRDN Series XF 07 65, 0.24% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(f) 200,000 200,000 
Illinois - 2.6%   
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XL 00 49, 0.32% 10/1/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(f) 910,000 910,000 
Series XM 08 79, 0.32% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 100,000 100,000 
Series XM 08 84, 0.39% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(f) 100,000 100,000 
Illinois Gen. Oblig. Participating VRDN Series Floaters XM 01 86, 0.42% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(f) 520,000 520,000 
Metropolitan Pier & Exposition Participating VRDN Series XF 09 65, 0.47% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 200,000 200,000 
TOTAL ILLINOIS  1,830,000 
Kentucky - 1.4%   
Hopkinsville Indl. Bldg. Rev. Series 2006, 0.22% 10/7/20, LOC Truist Bank, VRDN (a)(b) 500,000 500,000 
Kentucky Econ. Dev. Fin. Auth. (Catholic Health Initiatives Proj.) Series C, 0.21% 10/7/20, VRDN (a) 100,000 100,000 
Kentucky Tpk. Auth. Econ. Dev. Road Rev. Participating VRDN Series XF 24 84, 0.37% 10/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(f) 100,000 100,000 
Meade County Indl. Bldg. Rev. (Nucor Steel Brandenburg Proj.):   
Series 2020 A1, 0.19% 10/1/20, VRDN (a)(b) 100,000 100,000 
Series 2020 B1, 0.19% 10/1/20, VRDN (a)(b) 200,000 200,000 
TOTAL KENTUCKY  1,000,000 
Louisiana - 1.0%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.2% 10/7/20, VRDN (a) 690,000 690,000 
Maryland - 0.4%   
Maryland Health & Higher Edl. Facilities Auth. Rev.:   
Participating VRDN Series 005, 0.42% 10/1/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(f) 100,000 100,000 
Series 1995, 0.31% 10/7/20 (Liquidity Facility Manufacturers & Traders Trust Co.), VRDN (a) 175,000 175,000 
TOTAL MARYLAND  275,000 
Massachusetts - 0.4%   
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 23 06, 0.42% 10/7/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(f) 280,000 280,000 
Michigan - 0.3%   
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Participating VRDN Series XM 08 93, 0.27% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 200,000 200,000 
Minnesota - 0.1%   
Minneapolis Health Care Sys. Rev. Participating VRDN Series XM 08 72, 0.35% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 100,000 100,000 
Missouri - 0.3%   
Mercy Health Participating VRDN Series Floaters XL 00 80, 0.27% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 100,000 100,000 
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series XG 01 76, 0.37% 10/7/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(f) 100,000 100,000 
TOTAL MISSOURI  200,000 
Montana - 0.1%   
Tender Opt Bd Trust Rcpts / Ctfs. Participating VRDN Series XF 10 90, 0.52% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(f) 100,000 100,000 
New Jersey - 0.4%   
Bloomingdale BAN Series 2020, 2.25% 2/26/21 192,300 193,808 
Tender Opt Bd Trust Rcpts / Ctfs. Participating VRDN Series XM 09 12, 0.32% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 120,000 120,000 
TOTAL NEW JERSEY  313,808 
New York - 4.6%   
East Rochester Hsg. Auth. Rev. (Home Good Sheperd Proj.) Series A, 0.28% 10/7/20, LOC RBS Citizens NA, VRDN (a) 235,000 235,000 
New York Metropolitan Trans. Auth. Rev.:   
BAN:   
Series 2018 B:   
5% 5/15/21 200,000 202,640 
5% 5/15/21 615,000 623,118 
Series 2019 D1, 5% 9/1/22 1,100,000 1,136,850 
Participating VRDN:   
Series XF 05 83, 0.57% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 300,000 300,000 
Series ZF 02 18, 0.57% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 200,000 200,000 
New York Thruway Auth. Gen. Rev. Participating VRDN:   
Series XF 09 18, 0.38% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 100,000 100,000 
Series XM 08 80, 0.32% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 100,000 100,000 
Putnam County Indl. Dev. Agcy. Rev. Series 2006 A, 0.41% 10/7/20, LOC RBS Citizens NA, VRDN (a) 100,000 100,000 
Tender Opt Bd Trust Rcpts / Ctfs. Participating VRDN Series XM 08 34, 0.57% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 200,000 200,000 
Triborough Bridge & Tunnel Auth. Revs. Participating VRDN Series RBC 16 ZM 0138, 0.32% 10/7/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(f) 100,000 100,000 
TOTAL NEW YORK  3,297,608 
North Carolina - 0.1%   
Alamance County Idnl Facilities Poll Fing. Auth. Series 2001, 0.28% 10/1/20, LOC Wells Fargo Bank NA, VRDN (a)(b) 100,000 100,000 
South Carolina - 2.4%   
Greenville Hosp. Sys. Facilities Rev. Participating VRDN Series XF 01 45, 0.37% 10/7/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(f) 100,000 100,000 
South Carolina Pub. Svc. Auth. Rev. Participating VRDN:   
Series Floaters XM 02 91, 0.38% 10/7/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(f) 200,000 200,000 
Series Floaters XM 03 84, 0.38% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 1,400,000 1,400,000 
TOTAL SOUTH CAROLINA  1,700,000 
South Dakota - 0.3%   
South Dakota Health & Edl. Facilities Auth. Rev. Participating VRDN Series XM 08 97, 0.27% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) 200,000 200,000 
Tennessee - 2.0%   
Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Series 2014:   
0.32% 6/28/21, CP 500,000 500,000 
0.33% 5/28/21, CP 900,000 900,021 
TOTAL TENNESSEE  1,400,021 
Texas - 5.7%   
Dallas/Fort Worth Int'l. Arpt. Facility Impt. Corp. Rev. (United Parcel Svc., Inc. Proj.) Series 2002, 0.16% 10/1/20, VRDN (a)(b) 520,000 520,000 
North Texas Tollway Auth. Rev. Participating VRDN Series XM0085, 0.32% 10/7/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(f) 200,000 200,000 
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):   
Series 2004, 0.51% 10/7/20, VRDN (a)(b) 2,300,000 2,299,988 
Series 2010 D:   
0.4% 10/7/20, VRDN (a) 300,000 300,000 
0.43% 10/7/20, VRDN (a) 575,000 575,000 
Texas Private Activity Bond Surface Trans. Corp. Participating VRDN Series XM 07 56, 0.47% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(f) 100,000 100,000 
Trinity Riv Pub. Facilities Corp. Tex M Participating VRDN Series XF 10 83, 0.47% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(f) 100,000 100,000 
TOTAL TEXAS  4,094,988 
Utah - 0.4%   
Salt Lake City Arpt. Rev. Participating VRDN:   
Series Floaters XM 06 99, 0.47% 10/7/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(d)(f) 200,000 200,000 
Series XM 08 82, 0.39% 10/7/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(f) 100,000 100,000 
TOTAL UTAH  300,000 
Virginia - 2.4%   
Suffolk Hsg. Auth. Mfam Apts Participating VRDN Series XF 10 86, 0.47% 10/7/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(f) 1,555,000 1,555,000 
Virginia Small Bus. Fing. Auth. Series 2004, 0.22% 10/7/20, LOC Truist Bank, VRDN (a)(b) 195,000 195,000 
TOTAL VIRGINIA  1,750,000 
Washington - 0.1%   
Washington Econ. Dev. Fin. Auth. Rev. Participating VRDN Series Floaters 005, 0.47% 11/12/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(f) 100,000 100,000 
TOTAL MUNICIPAL NOTES   
(Cost $24,410,212)  24,366,425 
TOTAL INVESTMENT IN SECURITIES - 101.9%   
(Cost $73,002,108)  73,236,791 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (1,385,294) 
NET ASSETS - 100%  $71,851,497 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

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

Legend

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

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

 (e) 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 $800,000 or 1.1% of net assets.

 (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 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Arizona St Indl. Dev. Auth. Multi Participating VRDN Series DBE 80 53, 0% 11/30/20 (Liquidity Facility Deutsche Bank AG New York Branch) 9/30/20 $600,000 
River Islands Pub. Fing. Auth. Participating VRDN Series MIZ 90 26, 0.47% 11/4/20 (Liquidity Facility Mizuho Cap. Markets Llc) 8/14/20 $200,000 

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 $9,236 
Total $9,236 

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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