UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-06452

Fidelity Union Street Trust II

 (Exact name of registrant as specified in charter)

245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000

Date of fiscal year end:	August 31
Date of reporting period:	February 29, 2020

Item 1.

Reports to Stockholders

Fidelity® Municipal Money Market Fund

Semi-Annual Report

February 29, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification

Days	% of fund's investments
1 - 7	76.3
8 - 30	4.2
31 - 60	1.6
61 - 90	0.1
91 - 180	9.0
> 180	8.8

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of February 29, 2020
	Variable Rate Demand Notes (VRDNs)	44.7%
	Tender Option Bond	22.6%
	Other Municipal Security	28.8%
	Investment Companies	3.9%

Current 7-Day Yields

	2/29/20
Fidelity® Municipal Money Market Fund	0.83%

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.

Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 44.7%
	Principal Amount (000s)	Value (000s)
Alabama - 2.1%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.33% 3/6/20, VRDN (a)(b)	$49,015	$49,015
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.25% 3/6/20, VRDN (a)	35,950	35,950
West Jefferson Indl. Dev. Series 2008, 1.25% 3/6/20, VRDN (a)	25,700	25,700
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 1.32% 3/2/20, VRDN (a)(b)	10,425	10,425
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 1.32% 3/2/20, VRDN (a)(b)	4,035	4,035
		125,125
Alaska - 0.2%
Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 1.24% 3/6/20 (ConocoPhillips Co. Guaranteed), VRDN (a)	14,575	14,575
Arizona - 1.2%
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 1.22% 3/6/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b)	2,600	2,600
FNMA:
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.:
(San Angelin Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	9,100	9,100
(San Fernando Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	10,300	10,300
(San Lucas Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	13,600	13,600
(San Martin Apts. Proj.) Series A1, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	14,000	14,000
(San Miguel Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	14,420	14,420
(San Remo Apts. Proj.) Series 2002, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	6,850	6,850
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 1.24% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	2,260	2,260
		73,130
Arkansas - 0.7%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):
Series 1998, 1.33% 3/6/20, VRDN (a)(b)	10,200	10,200
Series 2002, 1.31% 3/6/20, VRDN (a)(b)	400	400
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 1.2% 3/6/20, LOC Goldman Sachs Bank Usa, VRDN (a)(b)	30,000	30,000
		40,600
Colorado - 0.7%
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 1.28% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)	285	285
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 1.21% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)	6,295	6,295
FNMA:
Adams County Hsg. Auth. (Semper Village Apts. Proj.) Series 2004 A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	13,775	13,775
Lakewood Hsg. Auth. Multi-family Rev.:
(Ridgemoor Apts. Proj.) Series 2003 A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	13,325	13,325
(Timberleaf Apts. Proj.) 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	11,165	11,165
		44,845
Connecticut - 1.3%
Connecticut Gen. Oblig. Series 2016 C, 1.24% 3/6/20 (Liquidity Facility Bank of America NA), VRDN (a)	73,370	73,370
Connecticut Hsg. Fin. Auth.:
(Hsg. Mtg. Fin. Proj.) Series 2012 D3, 1.26% 3/6/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a)(b)	2,000	2,000
Series 2019 B2, 1.2% 3/6/20 (Liquidity Facility Bank of America NA), VRDN (a)(b)	4,670	4,670
		80,040
Delaware - 0.5%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):
Series 1994, 1.27% 3/2/20, VRDN (a)(b)	10,700	10,700
Series 1999 A, 1.28% 3/6/20, VRDN (a)	15,730	15,730
Series 1999 B, 1.29% 3/6/20, VRDN (a)(b)	5,700	5,700
		32,130
District Of Columbia - 0.1%
District of Columbia Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Trenton Park Apts. Proj.) Series 2001, 1.23% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	4,775	4,775
District of Columbia Rev. (Fort Lincoln New Town/Premium Distributors LLC Proj.) Series 2000, 1.31% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b)	3,990	3,990
		8,765
Florida - 4.0%
Brevard County Hsg. Fin. Auth. (Manatee Cove Apts. Proj.) 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	8,925	8,925
Broward County Arpt. Facilities Rev. Series 2007 A, 1.19% 3/6/20, LOC Citibank NA, VRDN (a)(b)	10,880	10,880
Broward County Fin. Auth. Multi-family Hsg. Rev. (Pinnacle Village Apts. Proj.) Series 2004, 1.22% 3/6/20, LOC Citibank NA, VRDN (a)(b)	5,300	5,300
Collier County Hsg. Fin. Auth. Multi-family Rev.:
(George Washington Carver Apts. Proj.) Series 2005, 1.18% 3/6/20, LOC PNC Bank NA, VRDN (a)(b)	3,255	3,255
(Summer Lakes Phase II Apts. Proj.) 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	10,635	10,635
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.:
(Clarcona Groves Apts. Proj.) Series A, 1.22% 3/6/20, LOC Citibank NA, VRDN (a)(b)	9,915	9,915
(Pinnacle Pointe Apts. Proj.) Series 2003 N, 1.2% 3/6/20, LOC Citibank NA, VRDN (a)(b)	9,035	9,035
(Savannah Springs Apts. Proj.) Series G, 1.21% 3/6/20, LOC Citibank NA, VRDN (a)(b)	12,330	12,330
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.:
(Claymore Crossings Apt. Proj.) Series 2005, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	10,345	10,345
(Meridian Pointe Apts. Proj.) Series 2005, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	9,530	9,530
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 1.24% 3/6/20, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b)	64,855	64,855
Miami-Dade County Series 2014 B, 1.21% 3/6/20, LOC PNC Bank NA, VRDN (a)(b)	6,800	6,800
Orange County Hsg. Fin. Auth. Multi-family Rev. (Alta Westgate Apts. Proj.) Series C, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	10,925	10,925
FNMA:
Broward County Fin. Auth. Multi-family Hsg. Rev. (Sanctuary Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	13,020	13,020
Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 1.17% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	4,820	4,820
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.:
(Hunters Run Apts. Proj.) Series G, 1.22% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	6,125	6,125
(Mill Creek Apts. Proj.) Series 2004 K, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	12,105	12,105
Series 2006 H, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	5,895	5,895
Florida Hsg. Fin. Corp. Rev. (Valencia Village Apts. Proj.) Series G, 1.17% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	3,015	3,015
Hillsborough County Hsg. Fin. Auth. Multi-family Rev.:
(Grande Oaks Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	5,810	5,810
(Morgan Creek Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	11,000	11,000
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 1.17% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	7,610	7,610
		242,130
Georgia - 1.5%
Gwinnett County Dev. Auth. Indl. Dev. Rev. (Curtis 1000, Inc. Proj.) Series 1996, 1.24% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b)	6,460	6,460
Heard County Dev. Auth. Poll. Cont. Rev. Series 2007, 1.34% 3/2/20, VRDN (a)(b)	1,000	1,000
Monroe County Dev. Auth. Poll. Cont. Rev.:
(Oglethorpe Pwr. Corp. Proj.) Series 2009 B, 1.24% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)	5,750	5,750
(Oglethorpe Pwr. Corp. Scherer Proj.) Series 2009 A, 1.25% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)	1,550	1,550
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 1.2% 3/6/20, VRDN (a)(b)	48,400	48,400
FHLMC:
Kennesaw Dev. Auth. Multi-family Hsg. Rev. (Alta Ridenour Apts. Proj.) Series 2008, 1.21% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	12,685	12,685
Loganville Hsg. Auth. Multi-family Hsg. Rev. (Alexander Crossing Apt. Proj.) 1.23% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	1,300	1,300
FNMA:
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Collegetown at Harris Homes Phase I Proj.) Series 2003, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	7,230	7,230
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 1.22% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	8,300	8,300
		92,675
Illinois - 1.7%
Chicago Midway Arpt. Rev. Series 2014 C, 1.3% 3/6/20, LOC Barclays Bank PLC, VRDN (a)(b)	73,710	73,710
Illinois Dev. Fin. Auth. Indl. Dev. Rev. (Delta-Unibus Corp. Proj.) Series 2001, 1.29% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	800	800
Illinois Hsg. Dev. Auth. Multi-family Hsg. Rev. (Valley View Apts. Proj.) 1.2% 3/6/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b)	10,545	10,545
Lake County Solid Waste Disp. Facilities Rev. (Countryside Landfill, Inc. Proj.) Series B, 1.21% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b)	4,320	4,320
FHLMC:
Illinois Fin. Auth. Multi-family Rev. (Villagebrook Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	8,230	8,230
Lisle Village Multi-family Hsg. Rev. (Devonshire of Lisle Proj.) Series 1991, 1.24% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	6,000	6,000
		103,605
Indiana - 1.0%
Hammond Swr. & Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 1.23% 3/6/20, VRDN (a)(b)	13,500	13,500
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.):
Series 2003 A, 1.22% 3/6/20, VRDN (a)(b)	13,450	13,450
Series 2003 B, 1.26% 3/6/20, VRDN (a)(b)	13,300	13,300
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series H, 1.28% 3/6/20, VRDN (a)	17,725	17,725
		57,975
Iowa - 0.8%
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 1.21% 3/6/20, VRDN (a)(b)	45,100	45,100
Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 1.18% 3/6/20, VRDN (a)(b)	3,800	3,800
		48,900
Kansas - 1.2%
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):
Series 2007 A, 1.3% 3/6/20, VRDN (a)	2,000	2,000
Series 2007 B, 1.3% 3/6/20, VRDN (a)	9,400	9,400
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.):
Series 2000, 1.23% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	25,100	25,100
Series 2002, 1.27% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	7,000	7,000
Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 1.21% 3/6/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b)	9,600	9,600
Wamego Kansas Poll. Cont. Rfdg. Rev. (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.25% 3/6/20, VRDN (a)	1,700	1,700
La Cygne Poll. Cont. Rev. (Kansas Gas and Electric Company Project) Series 1994 B, 1.25% 3/6/20, VRDN (a)	17,200	17,200
		72,000
Kentucky - 4.0%
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 1.13% 3/6/20 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b)	7,870	7,870
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.):
Series 1993 A, 1.13% 3/6/20 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b)	70,000	70,000
Series 1993 B, 1.13% 3/6/20 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b)	40,000	40,000
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.3% 3/6/20, VRDN (a)(b)	109,500	109,500
FHLMC Kentucky Hsg. Corp. Multi-family Rev. (Canterbury Southgate Hsg. Proj.) 1.21% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	12,565	12,565
		239,935
Louisiana - 1.3%
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.):
Series 2002, 1.21% 3/6/20, VRDN (a)(b)	14,000	14,000
Series 2003, 1.21% 3/6/20, VRDN (a)(b)	18,050	18,050
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):
Series 2010 A1, 1.29% 3/6/20, VRDN (a)	1,735	1,735
Series 2010 B1, 1.27% 3/6/20, VRDN (a)	41,960	41,960
		75,745
Maryland - 0.6%
FNMA Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Barrington Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	33,200	33,200
Mississippi - 0.2%
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 1.3% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	10,000	10,000
Nebraska - 1.5%
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:
Series 2014 B, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b)	11,725	11,725
Series 2015 D, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b)	15,310	15,310
Series 2016 D, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b)	6,705	6,705
Series 2018 D, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b)	23,615	23,615
Series B, 1.25% 3/6/20 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b)	32,000	32,000
Stanton County Indl. Dev. Rev.:
(Nucor Corp. Proj.) Series 1996, 1.33% 3/6/20, VRDN (a)(b)	1,200	1,200
Series 1998, 1.33% 3/6/20, VRDN (a)(b)	1,200	1,200
		91,755
Nevada - 4.2%
Clark County Arpt. Rev.:
Series 2008 B2, 1.19% 3/6/20, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b)	21,300	21,300
Series 2008 C1, 1.19% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	83,050	83,050
Series 2008 C2, 1.25% 3/6/20, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b)	56,300	56,300
Series 2008 C3, 1.2% 3/6/20, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b)	44,635	44,635
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) 1.28% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b)	44,195	44,195
		249,480
New York - 1.8%
New York Hsg. Fin. Agcy. Rev. (455 West 37th Street Hsg. Proj.) Series A, 1.32% 3/2/20, LOC Landesbank Hessen-Thuringen, VRDN (a)(b)	4,865	4,865
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2004 C1, 1.18% 3/6/20, LOC Mizuho Bank Ltd., VRDN (a)(b)	21,700	21,700
FNMA:
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (255 West 9th Street Proj.) Series 2001 A, 1.19% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	15,800	15,800
New York Hsg. Fin. Agcy. Rev.:
(316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 1.23% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	20,900	20,900
(600 West and 42nd St. Hsg. Proj.) Series 2007 A, 1.19% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	30,000	30,000
(West 20th Street Proj.) Series 2001 A, 1.19% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	15,000	15,000
		108,265
North Carolina - 0.0%
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.31% 3/6/20, VRDN (a)(b)	1,500	1,500
Ohio - 0.1%
Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 1.22% 3/6/20, LOC Northern Trust Co., VRDN (a)	2,785	2,785
Montgomery County Hosp. Rev. Series 2019 B, 1.15% 3/6/20, LOC PNC Bank NA, VRDN (a)	2,800	2,800
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.18% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	800	800
		6,385
Oregon - 0.3%
Portland Hsg. Auth. Rev.:
(New Columbia - Cecelia Proj.) Series 2004, 1.23% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	2,950	2,950
(New Columbia - Trouton Proj.) Series 2005, 1.22% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	4,850	4,850
FHLMC Portland Multi-family Hsg. Rev. (The Village at Lovejoy Fountain Proj.) Series 2009, 1.23% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	12,800	12,800
		20,600
Pennsylvania - 0.2%
Allegheny County Indl. Dev. Auth. Rev. Series 2002, 1.2% 3/6/20, LOC RBS Citizens NA, VRDN (a)	4,000	4,000
Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) 1.25% 3/6/20, LOC Manufacturers & Traders Trust Co., VRDN (a)	6,905	6,905
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 1.22% 3/6/20, LOC RBS Citizens NA, VRDN (a)	665	665
Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2018 C, 1.2% 3/6/20, LOC RBS Citizens NA, VRDN (a)	2,645	2,645
		14,215
Rhode Island - 0.2%
FHLMC Rhode Island Hsg. & Mtg. Fin. Corp. Series 2006, 1.3% 3/6/20, LOC Freddie Mac, VRDN (a)(b)	10,000	10,000
South Carolina - 0.3%
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 1.33% 3/6/20, VRDN (a)(b)	1,000	1,000
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Waste Mgmt. of South Carolina, Inc. Proj.) Series 2003 A, 1.3% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b)	14,300	14,300
		15,300
South Dakota - 0.1%
FNMA South Dakota Hsg. Dev. Auth. (Harmony Heights Proj.) Series 2001, 1.26% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	5,185	5,185
Tennessee - 1.1%
Loudon County Indl. Dev. Board Exempt Facilities Rev. (Kimberly-Clark Corp. Proj.) 1.13% 3/6/20, VRDN (a)(b)	11,600	11,600
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 1.22% 3/6/20, LOC Rabobank Nederland, VRDN (a)(b)	29,700	29,700
Memphis Health, Edl. & Hsg. Facilities Board (Ashland Lakes Apts. Proj.) Series A, 1.2% 3/6/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b)	10,000	10,000
FNMA Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board (Whispering Oaks Apts. Proj.) 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	15,000	15,000
		66,300
Texas - 6.0%
Calhoun County Navigation District Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	13,775	13,775
Calhoun County Navigation District Poll. Cont. Rev. (Formosa Plastics Corp., Texas Proj.) Series 2002, 1.18% 3/6/20, LOC Citibank NA, VRDN (a)(b)	8,400	8,400
Calhoun County Navigation District Port Rev. (Formosa Plastics Corp. Proj.) Series 2000, 1.21% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	5,500	5,500
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.):
Series 2000, 1.2% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b)	17,700	17,700
Series 2001, 1.2% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b)	11,700	11,700
Calhoun Port Auth. Envir. Facilities Rev.:
(Formosa Plastics Corp. Proj.) Series 2012, 1.2% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)(b)	3,400	3,400
(Formosa Plastics Corp. Texas Proj.) Series 2007 A, 1.21% 3/6/20, LOC PNC Bank NA, VRDN (a)(b)	2,700	2,700
Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 1.22% 3/6/20, LOC Citibank NA, VRDN (a)(b)	11,465	11,465
Gilmer Indl. Dev. Corp. (Duoline Technologies LP Proj.) Series 2008 A, 1.33% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b)	6,085	6,085
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 1.33% 3/6/20, VRDN (a)(b)	12,600	12,600
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (Onyx Envir. Svcs. Proj.) Series 2003, 1.21% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	20,560	20,560
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.):
Series 2000, 1.21% 3/6/20, VRDN (a)(b)	16,500	16,500
Series 2001, 1.21% 3/6/20, VRDN (a)(b)	23,900	23,900
Series 2002, 1.21% 3/6/20, VRDN (a)(b)	22,000	22,000
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.22% 3/6/20 (Total SA Guaranteed), VRDN (a)(b)	10,000	10,000
Texas Gen. Oblig.:
Series 2001 A2, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b)	11,100	11,100
Series 2002 A, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b)	21,155	21,155
Series 2002 A2, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b)	5,065	5,065
Series 2003 A, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b)	18,840	18,840
Series 2004 B, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b)	4,965	4,965
Series 2006 A, 1.23% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b)	10,170	10,170
Series 2013 A, 1.18% 3/6/20 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)	7,555	7,555
Series 2019, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)	4,690	4,690
FNMA:
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev.:
(Louetta Village Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	5,580	5,580
(Primrose Aldine Bender Apt. Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	6,710	6,710
(Primrose at Bammel Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	7,180	7,180
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev.:
(Little Nell Apts. Proj.) Series 2003, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	10,400	10,400
(Mayfair Park Apts. Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	2,860	2,860
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Hsg. Rev.:
(Bristol Apts. Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	10,700	10,700
(Chisholm Trail Proj.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	9,105	9,105
(Residences at Sunset Pointe Proj.) Series 2006, 1.28% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	15,000	15,000
(St. Augustine Estate Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	5,380	5,380
(Windshire Apts. Proj.) Series 2007, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	10,100	10,100
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) Series 2004, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	8,285	8,285
		361,125
Utah - 0.5%
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.21% 3/6/20, VRDN (a)	20,300	20,300
FNMA Utah Hsg. Corp. Multi-family Hsg. Rev. (Springwood Apts. Proj.) Series 2005 A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	8,485	8,485
		28,785
Virginia - 0.4%
FNMA Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	21,720	21,720
Washington - 2.2%
King County Hsg. Auth. Rev. (Overlake TOD Hsg. Proj.) 1.21% 3/6/20, LOC Bank of America NA, VRDN (a)(b)	15,855	15,855
Port of Seattle Rev. Series 2008, 1.19% 3/6/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b)	15,370	15,370
FHLMC Washington Hsg. Fin. Commission Multi-family Hsg. Rev.:
(Fairwinds Redmond Proj.) Series A, 1.2% 3/6/20, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b)	19,250	19,250
(The Lodge at Eagle Ridge Proj.) Series A, 1.2% 3/6/20, LOC Fed. Home Ln. Bank, San Francisco, VRDN (a)(b)	9,485	9,485
FNMA Washington Hsg. Fin. Commission Multi-family Hsg. Rev.:
(Crestview Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	8,465	8,465
(Echo Lake Sr. Apts. Proj.) Series 2006, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	17,970	17,970
(Merrill Gardens at Renton Centre Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	10,390	10,390
(Pinehurst Apts. Proj.) Series A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	12,000	12,000
(The Vintage at Everett Sr. Living Proj.) Series 2004 A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	15,750	15,750
(The Vintage at Richland Sr. Living Proj.) Series 2004 A, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	7,535	7,535
		132,070
West Virginia - 1.4%
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.27% 3/6/20, VRDN (a)(b)	36,175	36,175
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.28% 3/6/20, VRDN (a)(b)	46,200	46,200
		82,375
Wisconsin - 0.7%
Green Bay Redev. Auth. (Green Bay Packaging, Inc. Proj.) 1.17% 3/6/20, LOC Wells Fargo Bank NA, VRDN (a)(b)(c)	44,800	44,800
Wyoming - 0.6%
Converse County Envir. Impt. Rev. Series 1995, 1.28% 3/6/20, VRDN (a)(b)	5,300	5,300
Converse County Poll. Cont. Rev. (PacifiCorp Projs.) Series 1994, 1.24% 3/6/20, VRDN (a)	1,395	1,395
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 1.25% 3/6/20, VRDN (a)(b)	22,000	22,000
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.):
Series 1992 B, 1.3% 3/6/20, VRDN (a)	600	600
Series 1994, 1.24% 3/6/20, VRDN (a)	3,800	3,800
		33,095
TOTAL VARIABLE RATE DEMAND NOTE
(Cost $2,688,330)		2,688,330
Tender Option Bond - 22.6%
Alabama - 0.0%
Black Belt Energy Gas District Participating VRDN Series Floaters XL 00 98, 1.24% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	1,400	1,400
Arizona - 0.4%
Arizona Trans. Board Hwy. Rev. Participating VRDN Series Floaters XX 10 05, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,330	3,330
Mesa Util. Sys. Rev. Participating VRDN Series Solar 17 0026, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	5,300	5,300
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN:
Series Floaters ZF 27 58, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e)	1,925	1,925
Series XF 08 46, 1.25% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e)	6,780	6,780
Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	7,700	7,700
		25,035
California - 0.9%
California Gen. Oblig. Participating VRDN Series Floaters XF 10 38, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	3,625	3,625
Dignity Health Participating VRDN:
Series 17 04, 1.27% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	800	800
Series DBE 80 11, 1.37% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	40,700	40,700
Los Angeles Dept. Arpt. Rev. Participating VRDN:
Series Floaters ZF 05 81, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)	2,360	2,360
Series ZM 04 73, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)	2,505	2,505
Series ZM 04 87, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)	1,470	1,470
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series Floaters XL 01 01, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e)	1,500	1,500
		52,960
Colorado - 2.6%
Colorado Health Facilities Auth. Participating VRDN:
Series XG 02 51, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e)	3,900	3,900
Series XM 07 67, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	1,400	1,400
Series ZF 08 09, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e)	1,000	1,000
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series Floaters 16 XF1031, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	2,815	2,815
CommonSpirit Health Participating VRDN Series Floaters XF 10 03, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,400	3,400
Denver City & County Arpt. Rev.:
Bonds Series G-114, 1.4%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f)	2,000	2,000
Participating VRDN:
Series DBE 8027, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e)	15,140	15,140
Series Floaters XF 07 57, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	4,780	4,780
Series Floaters XF 10 36, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	4,550	4,550
Series Floaters XG 01 96, 1.22% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	47,905	47,905
Series Floaters XG 01 97, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	1,800	1,800
Series Floaters XL 00 83, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	23,200	23,200
Series Floaters XL 00 84, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	12,065	12,065
Series Floaters ZF 06 88, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	15,700	15,700
Series Floaters ZF 06 89, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	2,190	2,190
Series Floaters ZF 06 90, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	9,315	9,315
Series Floaters ZF 06 91, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	1,840	1,840
Univ. of Colorado Enterprise Sys. Rev. Participating VRDN Series Solar 0065, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	6,180	6,180
		159,180
Connecticut - 0.7%
Connecticut Gen. Oblig. Participating VRDN:
Series 15 YX1002, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	7,675	7,675
Series 2017, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	1,965	1,965
Series Floaters 016, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	8,055	8,055
Series Floaters G66, 1.18% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	1,000	1,000
Series Floaters XL 00 66, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,200	3,200
Series Floaters XM 07 07, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	4,600	4,600
Series XM 07 62, 1.21% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	2,900	2,900
Series YX 11 07, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	1,300	1,300
Connecticut Spl. Tax Oblig. Participating VRDN Series Floaters 16 YX1026, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	2,500	2,500
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:
Bonds Series Floaters G 110, 1.33%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	3,100	3,100
Participating VRDN:
Series Floaters YX 10 77, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	2,455	2,455
Series ROC II R 14073, 1.23% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	700	700
State of Connecticut Gen. Oblig. Bonds Participating VRDN Series Floaters XM 03 39, 1.21% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	3,700	3,700
		43,150
District Of Columbia - 0.3%
District of Columbia Gen. Oblig. Participating VRDN Series Solar 0035, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	2,465	2,465
District of Columbia Income Tax Rev. Participating VRDN Series XF 23 41, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	4,800	4,800
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Participating VRDN Series XG 02 67, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e)	7,295	7,295
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Participating VRDN:
Series Floaters XF 06 94, 1.24% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	1,000	1,000
Series Floaters XF 27 94, 1.2% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e)	1,545	1,545
Series Floaters ZM 05 54, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(b)(d)(e)	2,500	2,500
		19,605
Florida - 2.0%
Broward County Port Facilities Rev.:
Bonds Series G 115, 1.4%, tender 9/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f)	2,600	2,600
Participating VRDN:
Series XF 08 17, 1.22% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e)	3,150	3,150
Series ZF 08 26, 1.22% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)	2,635	2,635
Escambia County Health Facilities Auth. Health Facilities Rev. Participating VRDN:
Series XG 02 75, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	3,515	3,515
Series ZF 08 84, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,400	1,400
Fort Myers Util. Sys. Rev. Participating VRDN Series XF 08 13, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	1,100	1,100
Greater Orlando Aviation Auth. Arpt. Facilities Rev.:
Bonds Series Floaters G 25, 1.4%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f)	3,000	3,000
Participating VRDN:
Series Floaters ZF 25 03, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(b)(d)(e)	3,750	3,750
Series XF 08 61, 1.23% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e)	3,970	3,970
Series XM 08 04, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	3,800	3,800
Series ZF 08 22, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	8,200	8,200
Series ZM 07 79, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d)(e)	2,420	2,420
Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 2019, 1.45% 4/10/20 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e)	16,800	16,800
Lee Memorial Health Sys. Hosp. Rev. Participating VRDN Series Floaters XG 02 34, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	2,185	2,185
Miami Beach Resort Tax Rev. Participating VRDN Series RBC 15 ZM0119, 1.2% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	7,500	7,500
Miami-Dade County Aviation Rev. Participating VRDN Series XG 00 65 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	4,070	4,070
Miami-Dade County Expressway Auth. Participating VRDN:
Series Floaters XG 02 52, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	3,500	3,500
Series XG 00 99, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	8,040	8,040
Miami-Dade County Gen. Oblig. Participating VRDN Series Floaters XM 07 09, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	2,075	2,075
North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series XF 28 40, 1.22% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e)	9,550	9,550
Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN:
Series XG 02 55, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	2,895	2,895
Series XM 07 82, 1.25% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	1,290	1,290
Palm Beach County Solid Waste Auth. Rev. Participating VRDN Series ROC II 14003, 1.18% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	6,400	6,400
Pinellas County Fla School Board Ctfs. Participating VRDN Series Floaters ZF 05 86, 1.22% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e)	5,000	5,000
Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	7,700	7,700
Tampa-Hillsborough Co. Ex Auth. Bonds Series G-113, 1.35%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	3,400	3,400
		119,945
Georgia - 1.2%
Atlanta Arpt. Rev. Participating VRDN:
Series XF 08 15, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	810	810
Series XM 07 97, 1.2% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e)	4,065	4,065
Brookhaven Dev. Auth. Rev. Participating VRDN:
Series XG 02 44, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	2,395	2,395
Series XM 07 51, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,500	1,500
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 107, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	13,800	13,800
Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN:
Series XF 08 23, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	7,925	7,925
Series XG 02 56, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	9,000	9,000
Series XG 02 57, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(c)(d)(e)	1,200	1,200
Heard County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 105, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	2,300	2,300
Main Street Natural Gas, Inc. Participating VRDN Series XX 11 12, 1.2% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,600	3,600
Monroe County Dev. Auth. Poll. Cont. Rev. Participating VRDN Series Floaters E 106, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	5,000	5,000
Muni. Elec. Auth. of Georgia Participating VRDN Series XG 02 54, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	10,800	10,800
Private Colleges & Univs. Auth. Rev. Participating VRDN Series Floaters XM 04 35, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	11,000	11,000
		73,395
Hawaii - 0.4%
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series Floaters XM 06 19, 1.22% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e)	12,290	12,290
Hawaii Gen. Oblig. Participating VRDN:
Series 16 XF0439, 1.19% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	6,000	6,000
Series Solar 17 0031, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	5,075	5,075
Honolulu City and County Wastewtr. Sys. Participating VRDN Series ROC II R 11989, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	3,270	3,270
		26,635
Illinois - 2.3%
Chicago Gen. Oblig. Participating VRDN Series Floaters XL 01 05, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	6,400	6,400
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN:
Series Floaters XF 07 23, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e)	11,270	11,270
Series Floaters XG 02 19, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e)	6,475	6,475
Series Floaters XM 06 86, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	3,960	3,960
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	14,190	14,190
City of Chicago Gen. Oblig. Bonds Participating VRDN Series Floaters XF 23 42, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	1,900	1,900
Cook County Ill Sales Tax Rev. Participating VRDN Series Floaters XF 25 01, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	2,782	2,782
Deutsche Bank Spears/Lifers Trust Participating VRDN Series Floaters XF 10 12, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	4,400	4,400
Illinois Fin. Auth. Rev. Participating VRDN:
Series 17 XM 0492, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	1,950	1,950
Series Floaters 017, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	18,115	18,115
Series XF 07 11, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	7,450	7,450
Illinois Gen. Oblig. Participating VRDN:
Series 15 XF 1006, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	7,000	7,000
Series Floaters XF 10 43, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	2,950	2,950
Series Floaters XX 10 81, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	12,000	12,000
Series Floaters YX 10 72, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,625	3,625
Series Floaters YX 10 86, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	4,100	4,100
Series XF 28 41, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	5,300	5,300
Series XM 07 59, 1.27% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	4,400	4,400
Series XM 07 85, 1.27% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,600	1,600
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN:
Series 15 XF0277, 1.23% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	2,000	2,000
Series 15 XM 0078, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	15,375	15,375
Series XF 08 01, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	3,800	3,800
		141,042
Indiana - 0.2%
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 26, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	13,000	13,000
Iowa - 0.1%
RIB Floater Trust Various States Participating VRDN Series Floaters 007, 1.2% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,375	3,375
Kansas - 0.1%
Kansas Dev. Fin. Agcy. Participating VRDN Series ROC II R 14067, 1.18% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	5,420	5,420
Kentucky - 0.2%
Kentucky Econ. Dev. Fin. Auth. Participating VRDN Series Floaters XF 10 24, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	10,400	10,400
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.35%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	1,200	1,200
		11,600
Louisiana - 2.0%
Louisiana Gas & Fuel Tax Rev. Participating VRDN Series EGL 14 0049, 1.19% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	114,600	114,600
Touro Infirmary Bonds Series Floaters ML 70 03, 1.33%, tender 8/12/20 (Liquidity Facility Bank of America NA) (a)(d)(e)(f)	4,365	4,365
		118,965
Maryland - 0.2%
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.35%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	1,800	1,800
Maryland Health & Higher Edl. Facilities Auth. Rev. Participating VRDN Series 15 XF0130, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	7,275	7,275
Montgomery County Gen. Oblig. Participating VRDN Series Floaters XG 02 15, 1.22% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,600	1,600
		10,675
Massachusetts - 0.3%
Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, 1.33%, tender 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(e)(f)	14,470	14,470
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, 1.33%, tender 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(e)(f)	1,200	1,200
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, 1.33%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	500	500
		16,170
Michigan - 0.4%
Michigan Fin. Auth. Rev. Participating VRDN:
Series 15 XF0126, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	5,290	5,290
Series 16 ZM0166, 1.18% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	2,740	2,740
Series Floaters ZF 07 90, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	530	530
Series Floaters ZF 07 96, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	750	750
Series Floaters ZF 28 25, 1.23% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	1,300	1,300
Series XM 07 48, 1.25% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e)	4,900	4,900
Series XX 1043, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	5,520	5,520
		21,030
Missouri - 1.6%
Missouri Health & Edl. Facilities Auth. Rev. Participating VRDN Series Floaters C16, 1.21% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	23,500	23,500
Missouri Health & Edl. Facilities Rev. Participating VRDN:
Series Floaters XF 07 63, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	3,000	3,000
Series Floaters XG 01 84, 1.2% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	2,300	2,300
Missouri Health and Edl. Facilities Rev. Participating VRDN:
Series Floaters 14, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	20,550	20,550
Series Floaters 17 010, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	40,415	40,415
Series Floaters C17, 1.19% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	5,500	5,500
		95,265
Nebraska - 0.1%
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series Floaters XX 10 04, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	5,710	5,710
New Jersey - 0.3%
New Jersey Econ. Dev. Auth. Rev. Participating VRDN:
Series Floaters 011, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	2,475	2,475
Series Floaters 012, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	8,960	8,960
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 1.19% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	3,010	3,010
New Jersey Trans. Trust Fund Auth. Participating VRDN Series XF 08 37, 1.2% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e)	2,200	2,200
		16,645
New York - 0.0%
New York Liberty Dev. Corp. Participating VRDN Series Floaters XF 10 27, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	2,500	2,500
North Carolina - 0.2%
City of Charlotte Wtr. Swr. Sys. Rev. Participating VRDN Series XL 00 12, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	5,000	5,000
North Carolina Med. Care Commission Health Care Facilities Rev. Participating VRDN Series 15 XF0147, 1.19% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e)	9,365	9,365
		14,365
Ohio - 0.6%
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.27% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,200	1,200
Erie County Hosp. Facilities Rev. Participating VRDN Series BAML 5019, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	14,500	14,500
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	400	400
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	7,510	7,510
Montgomery County Hosp. Rev. Participating VRDN Series Floaters BAML 50 02, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	4,800	4,800
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series XG 00 69, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	1,250	1,250
Ohio Hosp. Rev. Participating VRDN:
Series 002, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,900	3,900
Series XL 01 26, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,250	1,250
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.35%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	1,400	1,400
		36,210
Oklahoma - 0.3%
Edmond Pub. Works Auth. Sales Tax & Util. Sys. Rev. Participating VRDN Series Floaters XM 05 59, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	7,800	7,800
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XX 10 96, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	10,535	10,535
		18,335
Oregon - 0.2%
Oregon Gen. Oblig. Participating VRDN Series ROC II R 11949, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	2,950	2,950
Portland Wtr. Sys. Rev. Participating VRDN Series 2016 24, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	6,275	6,275
Salem Hosp. Facility Auth. Rev. Participating VRDN Series XM 08 13, 1.2% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	1,000	1,000
		10,225
Pennsylvania - 1.4%
Allegheny County Participating VRDN Series Floaters XM 06 63, 1.25% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e)	2,920	2,920
Allegheny County Hosp. Dev. Auth. Rev. Bonds Series Floaters E72, 1.32%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	68,500	68,500
Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series Floaters 2019 003, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	5,435	5,435
Pennsylvania Econ. Dev. Fing. Auth. Rev. Participating VRDN Series Floaters 16 YX1028, 1.25% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	2,415	2,415
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.32%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	1,100	1,100
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series DBE 8032, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	600	600
Philadelphia Auth. for Indl. Dev. Participating VRDN Series XG 02 53, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	2,100	2,100
		83,070
South Carolina - 0.4%
Columbia Wtrwks. & Swr. Rev. Participating VRDN Series 2016 21, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	7,850	7,850
Lexington County School District #1 Participating VRDN Series Solar 0058, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	3,565	3,565
South Carolina Jobs-Econ. Dev. Auth. Participating VRDN Series Floaters BAML 50 04, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	5,160	5,160
South Carolina Ports Auth. Ports Rev. Participating VRDN:
Series XF 08 20, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	3,805	3,805
Series ZF 08 24, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d)(e)	2,050	2,050
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.35%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	1,100	1,100
		23,530
Tennessee - 0.3%
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series XG 02 68, 1.22% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	2,900	2,900
Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Participating VRDN:
Series Floaters XG 01 45, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	2,000	2,000
Series Floaters XL 00 62, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	2,320	2,320
Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN Series 2014 ZF0208, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	5,000	5,000
Vanderbilt Hosp. Participating VRDN 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	4,475	4,475
		16,695
Texas - 1.0%
Brazos County Health Facilities Dev. Corp. Participating VRDN Series BAML 50 21, 1.28% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	4,225	4,225
El Paso Independent School District Participating VRDN Series ZF 08 64, 1.19% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e)	1,735	1,735
Frisco Independent School District:
Bonds Series 00 01, 1.19%, tender 3/5/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	2,300	2,300
Participating VRDN Series ROC II R 11960, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	5,100	5,100
Galena Park Independent School District Bonds Series 00 15, 1.19%, tender 3/5/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	2,395	2,395
Grand Parkway Trans. Corp. Participating VRDN Series XF 08 91, 1.19% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d)(e)	3,115	3,115
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series ROC II R 11860, 1.18% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	6,000	6,000
Houston Util. Sys. Rev. Participating VRDN Series 16 XM 0235, 1.18% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	14,400	14,400
North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	4,000	4,000
North Texas Tollway Auth. Rev. Participating VRDN Series Floaters XF 23 21, 1.18% 3/6/20 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e)	4,095	4,095
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Participating VRDN:
Series 16 XF0411, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	6,900	6,900
Series XG 02 78, 1.19% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,200	1,200
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series Putters 0028, 1.2% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	4,000	4,000
Texas A&M Univ. Rev. Participating VRDN Series Floaters XM 04 43, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)	3,100	3,100
		62,565
Utah - 0.3%
Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e)	20,060	20,060
Virginia - 0.3%
Loudoun County Gen. Oblig. Participating VRDN Series Solar 2017 38, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	2,910	2,910
Univ. of Virginia Gen. Rev. Participating VRDN Series Solar 17 17, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e)	3,360	3,360
Virginia Commonwealth Trans. Board Rev. Participating VRDN Series 16 XM0142, 1.18% 3/6/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)	6,770	6,770
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.35%, tender 8/3/20 (Liquidity Facility Royal Bank of Canada) (a)(d)(e)(f)	2,800	2,800
		15,840
Washington - 1.2%
King County Swr. Rev. Participating VRDN Series ROC II R 11962, 1.18% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	1,780	1,780
Port of Seattle Rev. Participating VRDN:
Series Floaters XF 05 22, 1.24% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e)	3,600	3,600
Series Floaters XM 06 65, 1.25% 3/6/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e)	12,700	12,700
Series Floaters ZM 06 69, 1.23% 3/6/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e)	9,700	9,700
Series XF 28 28, 1.25% 3/6/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(d)(e)	7,140	7,140
Port of Tacoma Rev. Participating VRDN Series Floaters XF 06 58, 1.23% 3/6/20 (Liquidity Facility Bank of America NA) (a)(b)(d)(e)	5,410	5,410
Washington Convention Ctr. Pub. Facilities Participating VRDN:
Series Floaters XM 06 80, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	1,600	1,600
Series Floaters XM 06 81, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	17,700	17,700
Series Floaters ZM 06 79, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	7,500	7,500
Washington Health Care Facilities Auth. Rev. Participating VRDN Series Floaters XF 24 92, 1.21% 3/6/20 (Liquidity Facility Citibank NA) (a)(d)(e)	1,745	1,745
Washington Higher Ed. Facilities Auth. Rev. Participating VRDN Series XG 02 74, 1.2% 3/6/20 (Liquidity Facility Bank of America NA) (a)(d)(e)	1,880	1,880
		70,755
Wisconsin - 0.1%
Wisconsin Health & Edl. Facilities Participating VRDN Series Floaters XG 00 72, 1.25% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e)	4,200	4,200
TOTAL TENDER OPTION BOND
(Cost $1,358,552)		1,358,552
Other Municipal Security - 28.8%
Alabama - 0.1%
Huntsville Health Care Auth. Rev. Series 2020, 1.2% 3/18/20, CP	7,700	7,700
Arizona - 0.0%
Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2013, 5% 7/1/20 (b)	2,000	2,024
California - 1.7%
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds:
Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g)	73,595	73,595
Series 2010 B, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g)	26,365	26,365
		99,960
Colorado - 0.5%
Colorado Gen. Fdg. Rev. TRAN Series 2019, 5% 6/26/20	30,000	30,347
Connecticut - 0.4%
Bethel Gen. Oblig. BAN Series 2019, 3% 7/24/20	8,815	8,874
Connecticut Gen. Oblig. Bonds:
Series 2012 A, 2.4% 4/15/20 (a)(g)	2,200	2,203
Series 2018 A, 5% 4/15/20	2,000	2,009
Series 2018 E, 5% 9/15/20	5,000	5,101
Series 2018 F, 5% 9/15/20	1,500	1,530
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds:
Series 2015 A, 5% 8/1/20	1,700	1,726
Series 2016 A, 5% 9/1/20	1,040	1,059
East Haddam Gen. Oblig. BAN Series 2020, 2% 12/3/20	1,800	1,813
Stratford Gen. Oblig. BAN Series 2019, 2% 9/17/20	1,244	1,249
		25,564
Florida - 5.6%
Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b)	100,200	100,200
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series 2019 A, 5% 10/1/20 (b)	6,400	6,539
Miami-Dade County Series A1:
1.25% 3/5/20, LOC Bank of America NA, CP (b)	48,643	48,643
1.3% 3/10/20, LOC Bank of America NA, CP (b)	13,100	13,100
1.3% 3/17/20, LOC Bank of America NA, CP (b)	9,700	9,700
Palm Beach County School District TAN Series 2019, 2.25% 8/28/20	44,700	44,907
Pinellas County School District TAN Series 2019, 2.25% 6/30/20	14,500	14,548
Polk County Indl. Dev. Auth. Health Sys. Rev. Bonds:
Series 2014 A, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g)	28,200	28,200
Series 2014 A1, SIFMA Municipal Swap Index + 0.250% 1.4%, tender 9/25/20 (a)(g)	28,900	28,900
Tampa Health Sys. Rev. Bonds Series 2012 B, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g)	42,015	42,015
		336,752
Georgia - 5.8%
Atlanta Arpt. Rev.:
Series J1, 1.45% 3/23/20, LOC Bank of America NA, CP	2,600	2,600
Series J2:
1.26% 3/23/20, LOC Bank of America NA, CP (b)	1,600	1,600
1.5% 3/23/20, LOC Bank of America NA, CP (b)	3,900	3,900
Series K1, 1.45% 3/23/20, LOC PNC Bank NA, CP	22,600	22,600
Series K2:
1.28% 3/23/20, LOC PNC Bank NA, CP (b)	13,865	13,865
1.5% 3/23/20, LOC PNC Bank NA, CP (b)	9,700	9,700
Series L2:
1.42% 3/23/20, LOC JPMorgan Chase Bank, CP (b)	1,935	1,935
1.5% 3/23/20, LOC JPMorgan Chase Bank, CP (b)	4,185	4,185
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:
Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g)	90,730	90,730
Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.25%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada) (a)(g)	199,685	199,685
		350,800
Illinois - 0.8%
Illinois Fin. Auth. Rev. Bonds:
(Advocate Health Care Network Proj.) Series 2011 B, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g)	40,850	40,850
Series 2019, 1.19% tender 3/5/20, CP mode	8,300	8,300
		49,150
Kentucky - 1.5%
Jefferson County Poll. Cont. Rev. Bonds Series A, 1.1% tender 3/2/20, CP mode	4,500	4,500
Kentucky Asset/Liability Commission Gen. Fund Rev. TRAN Series 2019 A, 3% 6/25/20	82,600	83,013
		87,513
Maryland - 0.0%
Baltimore County Gen. Oblig. BAN Series 2019, 4% 3/19/20	2,000	2,003
Michigan - 0.3%
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.4%, tender 9/25/20 (a)(g)	17,245	17,245
Montana - 0.2%
Montana Board of Invt. Bonds:
Series 2007, 1.87%, tender (a)	8,385	8,385
Series 2013, 1.87%, tender (a)	4,615	4,615
		13,000
Nebraska - 0.0%
Central Plains Energy Proj. Gas Supply Bonds Series 2019, 4% 8/1/20 (Royal Bank of Canada Guaranteed)	800	809
New Hampshire - 0.1%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series A1, 1.27% tender 3/25/20, CP mode (b)	7,400	7,400
New Jersey - 2.1%
Borough of Maywood BAN Series 2019, 2.25% 11/6/20	5,000	5,031
Burlington County Bridge Commission Lease Rev. BAN (Governmental Leasing Prog.) Series 2019 C1, 3% 11/20/20	23,000	23,287
Camden County BAN Series 2019 A, 2% 10/21/20	13,000	13,064
Cedar Grove Township Gen. Oblig. BAN Series 2019, 2.5% 7/16/20	19,463	19,535
Clifton Gen. Oblig. BAN Series 2019, 2.25% 10/1/20	32,436	32,610
Fort Lee Gen. Oblig. BAN Series 2019 A, 2.25% 11/6/20	7,100	7,148
Hudson County Impt. Auth. Rev. BAN Series 2019 C, 2.5% 9/18/20 (Hudson County Gen. Oblig. Guaranteed)	1,400	1,408
Montgomery Township Gen. Oblig. BAN Series 2019, 2% 8/28/20	2,800	2,810
Stone Hbr. BAN Series 2019, 2.25% 10/30/20	14,459	14,549
Wayne Township Wtr. Util. BAN Series 2019, 2.5% 6/24/20	7,900	7,925
		127,367
New York - 0.9%
Wappingers Central School District BAN Series 2019 B, 2.25% 8/13/20	51,366	51,595
Ohio - 0.7%
American Muni. Pwr. BAN (City of Wapakoneta Proj.) Series 2019, 2.5% 6/25/20 (Ohio Gen. Oblig. Guaranteed)	2,750	2,758
Avon Local School District BAN Series 2019, 2% 9/30/20	3,200	3,213
Belmont County BAN Series 2019, 2% 8/27/20	1,800	1,806
East Knox Local School District BAN Series 2019, 2.375% 6/11/20	1,900	1,905
Fairfield County Gen. Oblig. BAN Series 2018, 3% 4/29/20	2,000	2,004
Hudson City Gen. Oblig. BAN Series 2019, 2% 12/18/20	4,200	4,225
Kent Various Purp. Bond BAN Series 2019, 2.25% 8/20/20	1,000	1,004
Mahoning County BAN Series 2019, 3% 9/16/20	2,185	2,205
Newark Gen. Oblig. BAN Series 2019, 2.25% 10/1/20	2,900	2,913
Southwest Local School District BAN Series 2019, 2% 11/12/20 (Ohio Gen. Oblig. Guaranteed)	3,200	3,215
Sycamore Cmnty. School District BAN Series 2019, 2.25% 4/15/20	7,100	7,109
Union Township Clermont County Gen. Oblig. BAN Series 2019, 2.25% 9/2/20 (Ohio Gen. Oblig. Guaranteed)	6,900	6,933
Worthington BAN Series 2019, 2.25% 9/25/20 (Ohio Gen. Oblig. Guaranteed)	2,640	2,655
		41,945
Oklahoma - 0.3%
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Bonds Series 2015 B, SIFMA Municipal Swap Index + 0.350% 1.5%, tender 9/25/20 (a)(g)	19,640	19,640
Tennessee - 0.0%
Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. Bonds Series 2001 B, 1.55%, tender 11/3/20 (a)	2,175	2,179
Texas - 7.2%
Austin Elec. Util. Sys. Rev. Series A:
1.18% 6/2/20 (Liquidity Facility JPMorgan Chase Bank), CP	3,800	3,800
1.21% 3/4/20 (Liquidity Facility JPMorgan Chase Bank), CP	6,200	6,200
Brownsville Util. Sys. Rev. Series A, 1.29% 5/5/20, LOC Bank of America NA, CP	2,800	2,800
Dallas Fort Worth Int'l. Arpt. Rev. Bonds:
Series 2012 E, 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	530	543
Series 2012 F:
5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	6,015	6,161
5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	1,000	1,025
Series 2013 A:
5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	3,750	3,846
5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	1,370	1,403
5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	16,580	16,982
5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) (b)	390	399
Garland Util. Sys. Rev. Series 2018, 1.25% 3/4/20, LOC Bank of America NA, CP	1,500	1,500
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Bonds:
(Texas Children's Hosp. Proj.) Series 2015 2, SIFMA Municipal Swap Index + 0.200% 1.35%, tender 9/25/20 (a)(g)	33,900	33,900
Series 2019 A, 5% 12/1/20	1,000	1,028
Harris County Flood District Cont. Ctfs. of Prtn. Series H:
1.19% 3/12/20 (Liquidity Facility JPMorgan Chase Bank), CP	7,600	7,600
1.19% 3/12/20 (Liquidity Facility JPMorgan Chase Bank), CP	20,345	20,345
Harris County Gen. Oblig. Series D2, 1.2% 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston), CP	3,575	3,575
Harris County Metropolitan Trans. Auth. Series A1:
1.2% 3/12/20 (Liquidity Facility JPMorgan Chase Bank), CP	9,950	9,950
1.22% 3/19/20 (Liquidity Facility JPMorgan Chase Bank), CP	9,850	9,850
Houston Arpt. Sys. Rev. Series B, 1.22% 3/18/20, LOC Sumitomo Mitsui Banking Corp., CP (b)	7,200	7,200
Lower Colorado River Auth. Rev. Series B, 1.26% 6/10/20, LOC State Street Bank & Trust Co., Boston, CP	1,289	1,289
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. Bonds (Baylor Health Care Sys. Proj.):
Series 2011 B, BMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g)	31,700	31,700
Series 2013 B, SIFMA Municipal Swap Index + 0.300% 1.45%, tender 9/25/20 (a)(g)	31,000	31,000
Texas A&M Univ. Rev. Series B:
1.35% 3/3/20, CP	5,700	5,700
1.35% 3/3/20, CP	3,700	3,700
Texas Gen. Oblig. TRAN Series 2019, 4% 8/27/20	216,300	219,143
		430,639
Washington - 0.1%
Port of Seattle Rev. Bonds Series 2012 B, 5% 8/1/20 (b)	3,490	3,542
Wisconsin - 0.5%
Madison Metropolitan School District TRAN Series 2019, 2.25% 9/4/20	26,400	26,524
TOTAL OTHER MUNICIPAL SECURITY
(Cost $1,733,698)		1,733,698
	Shares (000s)	Value (000s)
Investment Company - 3.9%
Fidelity Municipal Cash Central Fund 1.19% (h)(i)
(Cost $232,023)	232,005	232,023
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $6,012,603)		6,012,603
NET OTHER ASSETS (LIABILITIES) - 0.0%		(1,679)
NET ASSETS - 100%		$6,010,924

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

TAN – TAX ANTICIPATION NOTE

TRAN – TAX AND 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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

 (c) 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 $68,930,000 or 1.1% of net assets.

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

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

 (f) Restricted securities (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 $112,535,000 or 1.9% of net assets.

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

 (h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

 (i) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost (000s)
Allegheny County Hosp. Dev. Auth. Rev. Bonds Series Floaters E72, 1.32%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada)	6/1/16 - 1/19/18	$68,500
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.35%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada)	7/12/18 - 11/6/19	$1,800
Broward County Port Facilities Rev. Bonds Series G 115, 1.4%, tender 9/1/20 (Liquidity Facility Royal Bank of Canada)	9/26/19 - 11/6/19	$2,600
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.33%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada)	5/16/19	$3,100
Denver City & County Arpt. Rev. Bonds Series G-114, 1.4%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada)	6/6/19 - 10/23/19	$2,000
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.4%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada)	7/12/18	$3,000
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.35%, tender 5/1/20 (Liquidity Facility Royal Bank of Canada)	2/6/20	$1,200
Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, 1.33%, tender 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston)	4/3/09	$14,470
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, 1.33%, tender 4/2/20 (Liquidity Facility State Street Bank & Trust Co., Boston)	11/6/19	$1,200
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, 1.33%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada)	11/26/19	$500
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.35%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada)	7/12/18	$1,400
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.32%, tender 6/1/20 (Liquidity Facility Royal Bank of Canada)	8/3/18 - 10/9/18	$1,100
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.35%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada)	5/16/19	$1,100
Tampa-Hillsborough Co. Ex Auth. Bonds Series G-113, 1.35%, tender 7/1/20 (Liquidity Facility Royal Bank of Canada)	6/6/19 - 11/6/19	$3,400
Touro Infirmary Bonds Series Floaters ML 70 03, 1.33%, tender 8/12/20 (Liquidity Facility Bank of America NA)	1/10/19 - 12/4/19	$4,365
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.35%, tender 8/3/20 (Liquidity Facility Royal Bank of Canada)	8/2/18	$2,800

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
	(Amounts in thousands)
Fidelity Municipal Cash Central Fund	$1,398
Total	$1,398

Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		February 29, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $5,780,580)	$5,780,580
Fidelity Central Funds (cost $232,023)	232,023
Total Investment in Securities (cost $6,012,603)		$6,012,603
Cash		1,555
Receivable for investments sold		14,300
Receivable for fund shares sold		3,536
Interest receivable		20,771
Distributions receivable from Fidelity Central Funds		228
Prepaid expenses		6
Other receivables		248
Total assets		6,053,247
Liabilities
Payable for investments purchased	$27,106
Payable for fund shares redeemed	12,657
Distributions payable	174
Accrued management fee	1,266
Other affiliated payables	820
Other payables and accrued expenses	300
Total liabilities		42,323
Net Assets		$6,010,924
Net Assets consist of:
Paid in capital		$6,015,685
Total accumulated earnings (loss)		(4,761)
Net Assets		$6,010,924
Net Asset Value, offering price and redemption price per share ($6,010,924 ÷ 6,004,168 shares)		$1.00

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Six months ended February 29, 2020 (Unaudited)
Investment Income
Interest		$39,757
Income from Fidelity Central Funds		1,398
Total income		41,155
Expenses
Management fee	$7,931
Transfer agent fees	4,857
Accounting fees and expenses	265
Custodian fees and expenses	23
Independent trustees' fees and expenses	11
Registration fees	50
Audit	23
Legal	6
Miscellaneous	7
Total expenses before reductions	13,173
Expense reductions	(6)
Total expenses after reductions		13,167
Net investment income (loss)		27,988
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	214
Capital gain distributions from Fidelity Central Funds	2
Total net realized gain (loss)		216
Net increase in net assets resulting from operations		$28,204

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Six months ended February 29, 2020 (Unaudited)	Year ended August 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$27,988	$94,518
Net realized gain (loss)	216	475
Net increase in net assets resulting from operations	28,204	94,993
Distributions to shareholders	(31,837)	(94,594)
Share transactions
Proceeds from sales of shares	439,526	1,152,073
Reinvestment of distributions	30,355	90,618
Cost of shares redeemed	(1,000,917)	(2,916,748)
Net increase (decrease) in net assets and shares resulting from share transactions	(531,036)	(1,674,057)
Total increase (decrease) in net assets	(534,669)	(1,673,658)
Net Assets
Beginning of period	6,545,593	8,219,251
End of period	$6,010,924	$6,545,593
Other Information
Shares
Sold	439,526	1,152,073
Issued in reinvestment of distributions	30,355	90,618
Redeemed	(1,000,917)	(2,916,748)
Net increase (decrease)	(531,036)	(1,674,057)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Municipal Money Market Fund

	Six months ended (Unaudited) February 29,	Years endedAugust 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations
Net investment income (loss)	.004	.013	.009	.004	–A	–A
Net realized and unrealized gain (loss)	.001	–A	–A	–A	–A	–A
Total from investment operations	.005	.013	.009	.004	–A	–A
Distributions from net investment income	(.004)	(.013)	(.009)	(.004)	–A	–A
Distributions from net realized gain	(.001)	–A	–	–A	–A	–A
Total distributions	(.005)	(.013)	(.009)	(.004)	–A	–A
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total ReturnB,C	.51%	1.30%	.89%	.42%	.04%	.02%
Ratios to Average Net AssetsD,E
Expenses before reductions	.42%F	.42%	.41%	.40%	.41%	.40%
Expenses net of fee waivers, if any	.42%F	.42%	.41%	.40%	.18%	.06%
Expenses net of all reductions	.42%F	.42%	.41%	.40%	.18%	.06%
Net investment income (loss)	.89%F	1.29%	.87%	.41%	.03%	.01%
Supplemental Data
Net assets, end of period (in millions)	$6,011	$6,546	$8,219	$11,057	$16,719	$27,987

 ^A Amount represents less than $.0005 per share.

 ^B Total returns for periods of less than one year are not annualized.

 ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 ^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 ^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 ^F Annualized

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements (Unaudited)

For the period ended February 29, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Municipal Money Market Fund (the Fund) is a fund of Fidelity Union Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only available for purchase by retail shareholders.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
• Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $246 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS)will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

Gross unrealized appreciation	$–
Gross unrealized depreciation	–
Net unrealized appreciation (depreciation)	$–
Tax cost	$6,012,603

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration
Short-term	$(1,078)

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .25% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .15% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
Fidelity Municipal Money Market Fund	.01

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.

5. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6.

6. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

7. Coronavirus (Covid-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2019 to February 29, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-A	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Expenses Paid During Period-B September 1, 2019 to February 29, 2020
Actual	.42%	$1,000.00	$1,005.10	$2.09
Hypothetical-C		$1,000.00	$1,022.77	$2.11

 ^A Annualized expense ratio reflects expenses net of applicable fee waivers.

 ^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 ^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Municipal Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Approval of Amended and Restated Advisory Contracts. At its September 2019 meeting, the Board also unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) in connection with an upcoming consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, Fidelity Investments Money Management, Inc. (FIMM) expects to merge with and into FMR and, after the merger, FMR expects to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FIMM upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the fund. Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers. Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals. Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives (peer group).In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund. Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison. Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Municipal Money Market Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2018.The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.The Board noted that the fund's total expense ratio ranked below the competitive median for 2018. Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered. Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and meets periodically, to evaluate potential fall-out benefits. The Board noted that the committee was expected to, among other things: (i) discuss the legal framework surrounding potential fall-out benefits; (ii) review the Board's responsibilities and approach to potential fall-out benefits; and (iii) review practices employed by competitor funds regarding the review of potential fall-out benefits. The Board noted that it would consider the committee's findings in connection with future consideration of contract renewals.The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive. Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the practices of certain sub-advisers regarding their receipt of research from broker-dealers that execute the funds' portfolio transactions; (vi) the terms of Fidelity's voluntary expense limitation agreements; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the impact on fund profitability of recent changes in total net assets for Fidelity's money market funds, anticipated changes to the competitive landscape for money market funds, and the level of investor comfort with gates, fees, and floating NAVs; (xi) the funds' share class structures and distribution channels; and (xii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed and the fund's Amended and Restated Contracts should be approved.

MMM-SANN-0420
1.703548.122

Fidelity® Arizona Municipal Income Fund

Fidelity® Arizona Municipal Money Market Fund

Semi-Annual Report

February 29, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Fidelity® Arizona Municipal Income Fund

Fidelity® Arizona Municipal Money Market Fund

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Arizona Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of February 29, 2020

	% of fund's net assets
Education	22.9
General Obligations	21.4
Health Care	16.4
Transportation	11.4
Special Tax	8.6

Quality Diversification (% of fund's net assets)

As of February 29, 2020
	AAA	0.3%
	AA,A	95.4%
	BBB	2.9%
	Not Rated	2.3%
	Short-Term Investments and Net Other Assets	0.9%

We have used ratings from Moody's Investors Service, Inc. Where Moody's^® ratings are not available, we have used S&P^® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Arizona Municipal Income Fund

Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 101.0%
	Principal Amount	Value
Arizona - 100.6%
Arizona Board of Regents Arizona State Univ. Rev.:
Series 2012 A:	$	$
5% 7/1/26	550,000	602,239
5% 7/1/26 (Pre-Refunded to 7/1/22 @ 100)	450,000	493,056
Series 2015 A, 5% 7/1/35	2,215,000	2,639,793
Series 2015 B, 5% 7/1/31	1,525,000	1,830,534
Series 2015 D:
5% 7/1/34	500,000	597,030
5% 7/1/35	900,000	1,072,602
5% 7/1/41	485,000	571,713
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26	3,035,000	3,305,934
Arizona Ctfs. of Prtn.:
Series 2013 A, 5% 10/1/25	1,870,000	2,067,472
Series 2015, 5% 9/1/27	1,500,000	1,826,550
Series 2019 A, 5% 10/1/24	4,000,000	4,743,280
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006:
5% 7/1/21	675,000	677,133
5% 7/1/32	470,000	471,419
Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23	1,285,000	1,377,983
Arizona Health Facilities Auth. Rev.:
(Banner Health Sys. Proj.) Series 2007 B, 3 month U.S. LIBOR + 0.810% 2.089%, tender 1/1/37 (a)(b)	1,000,000	990,340
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A:
5% 12/1/26	2,000,000	2,370,040
5% 12/1/42	2,020,000	2,351,664
Series 2011 B1, 5.25% 3/1/39	1,000,000	1,039,000
Series 2012 A, 5% 1/1/43	2,000,000	2,130,620
Arizona State Lottery Rev. Series 2019, 5% 7/1/29	2,000,000	2,707,080
Arizona State Trans. Board:
Series 2017 A, 5% 7/1/32	1,500,000	1,904,445
Series 2017A, 5% 7/1/31	385,000	489,631
Buckeye Excise Tax Rev. Series 2015:
5% 7/1/27	350,000	425,754
5% 7/1/28	500,000	608,190
5% 7/1/29	455,000	552,161
Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36	500,000	603,790
Chandler Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Intel Corp. Proj.):
Series 2007, 2.7%, tender 8/14/23 (a)(c)	2,000,000	2,103,680
Series 2019, 5%, tender 6/3/24 (a)(c)	2,000,000	2,322,760
Dysart Unified School District #89 Gen. Oblig. Series 2014:
5% 7/1/23	700,000	789,908
5% 7/1/27	1,300,000	1,518,634
Glendale Gen. Oblig.:
Series 2015, 5% 7/1/22 (FSA Insured)	1,000,000	1,096,680
Series 2017:
5% 7/1/30	2,310,000	2,914,850
5% 7/1/32	1,000,000	1,252,070
Glendale Indl. Dev. Auth. (Terraces of Phoenix Proj.) Series 2018 A:
4% 7/1/28	265,000	284,658
5% 7/1/33	435,000	485,177
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28	1,000,000	1,205,950
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29	1,000,000	1,242,080
Maricopa County Indl. Dev. Auth.:
(Creighton Univ. Proj.) Series 2020, 5% 7/1/47	2,000,000	2,548,460
Series 2019 A:
5% 9/1/33	250,000	319,145
5% 9/1/34	680,000	864,613
5% 9/1/35	395,000	500,185
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016:
5.75% 1/1/36 (d)	350,000	386,316
6% 1/1/48 (d)	500,000	540,480
Maricopa County Phoenix Union High School District #210 Series 2017 B:
5% 7/1/32	1,180,000	1,531,935
5% 7/1/34	585,000	756,423
Maricopa County Rev. Series 2016 A:
5% 1/1/34	2,900,000	3,573,960
5% 1/1/38	1,215,000	1,482,397
Maricopa County School District #214 Tolleson Series 2018 A, 5% 7/1/31	350,000	443,433
Maricopa County School District #28 Kyrene Elementary:
Series 2015 C, 4% 7/1/29	650,000	745,921
Series 2019 A, 5% 7/1/37	1,000,000	1,281,890
Maricopa County Spl. Health Care District Gen. Oblig. Series 2018 C, 5% 7/1/36	1,000,000	1,274,320
Maricopa County Unified School District #48 Scottsdale Series 2017 B, 5% 7/1/33	3,000,000	3,796,680
McAllister Academic Village LLC Rev.:
(Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016:
5% 7/1/37	2,000,000	2,456,060
5% 7/1/38	3,850,000	4,716,828
Series 2016, 5% 7/1/39	2,270,000	2,776,505
Mesa Util. Sys. Rev.:
Series 2017, 4% 7/1/25	2,000,000	2,326,800
Series 2019 A, 5% 7/1/43	2,000,000	2,583,760
Northern Arizona Univ. Ctfs. of Prtn.:
(Univ. Proj.) Series 2013, 5% 9/1/24	1,000,000	1,094,160
Series 2015, 5% 9/1/20 (FSA Insured)	440,000	448,990
Northern Arizona Univ. Revs.:
Series 2012:
5% 6/1/36 (Pre-Refunded to 6/1/21 @ 100)	860,000	904,299
5% 6/1/41 (Pre-Refunded to 6/1/21 @ 100)	1,250,000	1,314,388
Series 2013, 5% 8/1/27	1,000,000	1,130,520
Series 2014, 5% 6/1/29	500,000	575,865
Series 2015, 5% 6/1/30	1,000,000	1,193,970
Phoenix Civic Impt. Board Arpt. Rev.:
Series 2013:
5% 7/1/26 (c)	1,100,000	1,241,284
5% 7/1/29 (c)	500,000	561,600
Series 2015 A, 5% 7/1/45	4,100,000	4,853,781
Series 2017 A:
5% 7/1/35 (c)	2,425,000	2,995,700
5% 7/1/42 (c)	2,000,000	2,434,620
Series 2017 D, 5% 7/1/31	2,000,000	2,529,080
Series 2019 A, 5% 7/1/49	2,000,000	2,563,580
Phoenix Civic Impt. Corp. Series 2019 A, 5% 7/1/35	1,000,000	1,303,060
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	3,165,840
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33	1,000,000	1,238,930
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26	2,000,000	2,268,200
Phoenix IDA Student Hsg. Rev.:
(Downtown Phoenix Student Hsg. II LLC Arizona State Univ. Proj.) Series 2019 A, 5% 7/1/36	1,175,000	1,438,212
Series 2018 A, (Downtown Phoenix Student Hsg., LLC AZ State Univ. Proj.) 5% 7/1/42	1,500,000	1,816,875
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012:
5% 7/1/24 (c)	380,000	414,614
5% 7/1/27 (c)	400,000	435,564
Pima County Ctfs. of Prtn.:
Series 2013 A, 5% 12/1/22	1,000,000	1,112,040
Series 2014, 5% 12/1/27	1,745,000	2,000,049
Pima County Swr. Sys. Rev. Series 2012 A:
5% 7/1/23	30,000	32,908
5% 7/1/25	1,600,000	1,755,088
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.:
Series 2015 A:
5% 12/1/34	1,500,000	1,802,475
5% 12/1/45	1,035,000	1,238,967
Series 2019 A, 5% 1/1/47	2,000,000	2,638,060
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007:
5% 12/1/37	1,675,000	2,396,992
5.5% 12/1/29	3,000,000	4,011,990
Scottsdale Gen. Oblig. Series 2017, 4% 7/1/32	400,000	471,508
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured)	420,000	428,056
Scottsdale Muni. Property Corp. Excise Tax Rev. Series 2015, 5% 7/1/34	1,355,000	1,625,444
Surprise Pledged Rev. Series 2015, 5% 7/1/26	1,010,000	1,226,807
Tempe Excise Tax Rev.:
Series 2012, 5% 7/1/25	1,090,000	1,194,324
Series 2016:
5% 7/1/28	315,000	393,416
5% 7/1/29	500,000	623,120
5% 7/1/30	325,000	404,303
5% 7/1/31	375,000	465,308
Tempe Indl. Dev. Auth. Rev. (Mirabella At ASU, Inc. Proj.) Series 2017 B, 6% 10/1/37 (d)	500,000	597,245
Tucson Ctfs. of Prtn.:
Series 2014:
4% 7/1/20 (FSA Insured)	500,000	505,072
5% 7/1/28 (FSA Insured)	1,000,000	1,162,600
Series 2015, 5% 7/1/23 (FSA Insured)	555,000	628,238
Series 2016, 5% 7/1/27 (FSA Insured)	1,245,000	1,537,774
Tucson Wtr. Rev.:
Series 2015, 5% 7/1/31	1,000,000	1,205,550
Series 2017, 5% 7/1/34	1,000,000	1,263,460
5% 7/1/27	1,000,000	1,213,530
5% 7/1/28	2,000,000	2,421,140
Univ. Med. Ctr. Corp. Hosp. Rev. 5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100)	1,000,000	1,154,550
Univ. of Arizona Univ. Revs.:
Series 2012 A, 5% 6/1/37 (Pre-Refunded to 6/1/22 @ 100)	2,225,000	2,432,949
Series 2014, 5% 8/1/28	1,000,000	1,167,350
Series 2015 A 5% 6/1/30	2,500,000	3,001,850
Series 2019 A, 5% 6/1/41	1,965,000	2,543,948
Series 2020 C:
5% 8/1/22 (e)	920,000	961,041
5% 8/1/24 (e)	800,000	891,072
5% 8/1/26 (e)	800,000	942,168
5% 8/1/28 (e)	900,000	1,110,456
5% 6/1/38	1,000,000	1,226,500
Western Maricopa Ed. Ctr. District Series 2019 B:
5% 7/1/27	1,000,000	1,281,330
5% 7/1/28	1,115,000	1,461,308
Yavapai County Indl. Dev. Auth.:
Series 2012 A, 5.25% 8/1/33	2,000,000	2,276,740
Series 2016, 5% 8/1/36	1,305,000	1,570,972
Series 2019:
5% 8/1/24	325,000	380,923
5% 8/1/25	400,000	482,272
5% 8/1/26	600,000	741,036
5% 8/1/27	625,000	788,269
5% 8/1/39	1,000,000	1,273,300
Yavapai County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds Series 2010, 1.2%, tender 3/2/20 (a)	1,000,000	1,000,000
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27	2,000,000	2,340,380
TOTAL ARIZONA		187,879,021
Guam - 0.4%
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (c)	200,000	233,962
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured)	400,000	424,924
TOTAL GUAM		658,886
TOTAL MUNICIPAL BONDS
(Cost $173,162,817)		188,537,907
Municipal Notes - 0.4%
Arizona - 0.4%
Arizona Health Facilities Auth. Rev. Series 2015 B, 1.2% 3/2/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)	275,000	$275,000
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2019 B, 1.14% 3/2/20, LOC Bank of America NA, VRDN (a)	350,000	350,000
Maricopa County Rev. (Banner Health Sys. Proj.) 1.2% 3/6/20, VRDN (a)	150,000	150,000
TOTAL MUNICIPAL NOTES
(Cost $775,000)		775,000
TOTAL INVESTMENT IN SECURITIES - 101.4%
(Cost $173,937,817)		189,312,907
NET OTHER ASSETS (LIABILITIES) - (1.4)%		(2,540,379)
NET ASSETS - 100%		$186,772,528

Security Type Abbreviations

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

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

 (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 $1,524,041 or 0.8% of net assets.

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

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Education	22.9%
General Obligations	21.4%
Health Care	16.4%
Transportation	11.4%
Special Tax	8.6%
Water & Sewer	7.7%
Others* (Individually Less Than 5%)	11.6%
	100.0%

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.

Fidelity® Arizona Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

		February 29, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $173,937,817)		$189,312,907
Cash		38,192
Receivable for fund shares sold		41,319
Interest receivable		1,520,871
Other receivables		711
Total assets		190,914,000
Liabilities
Payable for investments purchased on a delayed delivery basis	$3,869,513
Payable for fund shares redeemed	56,667
Distributions payable	130,494
Accrued management fee	84,798
Total liabilities		4,141,472
Net Assets		$186,772,528
Net Assets consist of:
Paid in capital		$171,116,681
Total accumulated earnings (loss)		15,655,847
Net Assets		$186,772,528
Net Asset Value, offering price and redemption price per share ($186,772,528 ÷ 14,688,837 shares)		$12.72

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Six months ended February 29, 2020 (Unaudited)
Investment Income
Interest		$2,523,436
Expenses
Management fee	$499,103
Independent trustees' fees and expenses	295
Commitment fees	214
Total expenses before reductions	499,612
Expense reductions	(500)
Total expenses after reductions		499,112
Net investment income (loss)		2,024,324
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		331,371
Total net realized gain (loss)		331,371
Change in net unrealized appreciation (depreciation) on investment securities		2,500,024
Net gain (loss)		2,831,395
Net increase (decrease) in net assets resulting from operations		$4,855,719

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Six months ended February 29, 2020 (Unaudited)	Year ended August 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$2,024,324	$4,174,882
Net realized gain (loss)	331,371	(142,077)
Change in net unrealized appreciation (depreciation)	2,500,024	9,902,624
Net increase (decrease) in net assets resulting from operations	4,855,719	13,935,429
Distributions to shareholders	(2,019,523)	(4,145,505)
Share transactions
Proceeds from sales of shares	9,999,373	24,527,413
Reinvestment of distributions	1,216,011	2,563,458
Cost of shares redeemed	(8,138,619)	(26,578,108)
Net increase (decrease) in net assets resulting from share transactions	3,076,765	512,763
Total increase (decrease) in net assets	5,912,961	10,302,687
Net Assets
Beginning of period	180,859,567	170,556,880
End of period	$186,772,528	$180,859,567
Other Information
Shares
Sold	803,374	2,029,870
Issued in reinvestment of distributions	97,434	213,227
Redeemed	(653,119)	(2,235,331)
Net increase (decrease)	247,689	7,766

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Arizona Municipal Income Fund

	Six months ended (Unaudited) February 29,	Years endedAugust 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$12.52	$11.82	$12.21	$12.50	$12.12	$12.11
Income from Investment Operations
Net investment income (loss)A	.139	.298	.300	.311	.335	.375
Net realized and unrealized gain (loss)	.199	.698	(.309)	(.267)	.498	.018
Total from investment operations	.338	.996	(.009)	.044	.833	.393
Distributions from net investment income	(.138)	(.296)	(.300)	(.310)	(.335)	(.375)
Distributions from net realized gain	–	–	(.081)	(.024)	(.118)	(.008)
Total distributions	(.138)	(.296)	(.381)	(.334)	(.453)	(.383)
Redemption fees added to paid in capitalA	–	–	–	–B	–B	–B
Net asset value, end of period	$12.72	$12.52	$11.82	$12.21	$12.50	$12.12
Total ReturnC,D	2.73%	8.56%	(.05)%	.43%	7.01%	3.28%
Ratios to Average Net AssetsE
Expenses before reductions	.55%F	.55%	.55%	.55%	.55%	.55%
Expenses net of fee waivers, if any	.55%F	.55%	.55%	.55%	.55%	.55%
Expenses net of all reductions	.55%F	.55%	.55%	.55%	.55%	.55%
Net investment income (loss)	2.24%F	2.49%	2.52%	2.58%	2.73%	3.08%
Supplemental Data
Net assets, end of period (000 omitted)	$186,773	$180,860	$170,557	$181,740	$192,725	$150,985
Portfolio turnover rate	9%F	13%	12%	18%	7%	17%

 ^A Calculated based on average shares outstanding during the period.

 ^B Amount represents less than $.0005 per share.

 ^C Total returns for periods of less than one year are not annualized.

 ^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 ^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 ^F Annualized

See accompanying notes which are an integral part of the financial statements.

Fidelity® Arizona Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of February 29, 2020

Days	% of fund's investments 2/29/20
1 - 7	97.6
8 - 30	0.5
31 - 60	0.9
91 - 180	1.0

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of February 29, 2020
	Variable Rate Demand Notes (VRDNs)	76.1%
	Tender Option Bond	13.7%
	Other Municipal Security	1.8%
	Investment Companies	8.5%
	Net Other Assets (Liabilities)*	(0.1)%

 * Net Other Assets (Liabilities) are not included in the pie chart

Current 7-Day Yields

	2/29/20
Fidelity® Arizona Municipal Money Market Fund	0.67%

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.

Fidelity® Arizona Municipal Money Market Fund

Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 76.1%
	Principal Amount	Value
Alabama - 0.3%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.33% 3/6/20, VRDN (a)(b)	$300,000	$300,000
Arizona - 74.7%
Arizona Board of Regents Arizona State Univ. Rev. Series 2008 B, 1.1% 3/6/20, VRDN (a)	4,080,000	4,080,000
Arizona Health Facilities Auth. Rev.:
(Banner Health Sys. Proj.) Series 2008 E, 1.17% 3/6/20, LOC Bank of America NA, VRDN (a)	100,000	100,000
(Catholic Healthcare West Proj.):
Series 2005 B, 1.25% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)	1,200,000	1,200,000
Series 2008 A, 1.25% 3/6/20, LOC JPMorgan Chase Bank, VRDN (a)	1,680,000	1,680,000
Series 2008 B, 1.18% 3/6/20, LOC Barclays Bank PLC, VRDN (a)	750,000	750,000
Series 2009 F, 1.14% 3/6/20, LOC Mizuho Corporate Bank Ltd., VRDN (a)	8,700,000	8,700,000
Series 2015 B, 1.2% 3/2/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)	3,490,000	3,490,000
Series 2015 C, 1.22% 3/2/20, LOC Bank of America NA, VRDN (a)	700,000	700,000
Arizona Indl. Dev. Auth. Hosp. Rev. Series 2019 A, 1.22% 3/2/20, LOC JPMorgan Chase Bank, VRDN (a)	1,200,000	1,200,000
Maricopa County Indl. Dev. Auth. Rev. (Clayton Homes, Inc. Proj.) Series 1998, 1.22% 3/6/20, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b)	2,600,000	2,600,000
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.2% 3/6/20, VRDN (a)	7,000,000	7,000,000
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 1.16% 3/6/20, LOC Bank of America NA, VRDN (a)	300,000	300,000
FNMA:
Arizona Hsg. Fin. Auth. Multi-family Hsg. Rev. (Santa Carolina Apts. Proj.) Series 2005, 1.21% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	3,645,000	3,645,000
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.:
(San Angelin Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	8,900,000	8,900,000
(San Fernando Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	4,200,000	4,200,000
(San Martin Apts. Proj.) Series A2, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	4,300,000	4,300,000
(San Miguel Apts. Proj.) Series 2003, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	1,580,000	1,580,000
(San Remo Apts. Proj.) Series 2002, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	6,650,000	6,650,000
(Village Square Apts. Proj.) Series 2004, 1.2% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	3,500,000	3,500,000
Pima County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 1.24% 3/6/20, LOC Fannie Mae, VRDN (a)(b)	2,865,000	2,865,000
		67,440,000
Indiana - 0.7%
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1.26% 3/6/20, VRDN (a)(b)	580,000	580,000
Kansas - 0.3%
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 B, 1.3% 3/6/20, VRDN (a)	100,000	100,000
St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 1.25% 3/6/20, VRDN (a)	200,000	200,000
		300,000
Nebraska - 0.1%
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.33% 3/6/20, VRDN (a)(b)	100,000	100,000
TOTAL VARIABLE RATE DEMAND NOTE
(Cost $68,720,000)		68,720,000
Tender Option Bond - 13.7%
Arizona - 11.2%
Arizona Trans. Board Hwy. Rev. Participating VRDN Series Floaters XX 10 05, 1.18% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)	1,360,000	1,360,000
Mesa Util. Sys. Rev. Participating VRDN:
Series ROC II R 11959X, 1.18% 3/6/20 (Liquidity Facility Citibank NA) (a)(c)(d)	1,500,000	1,500,000
Series Solar 17 0026, 1.18% 3/6/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d)	1,870,000	1,870,000
Phoenix Civic Impt. Board Arpt. Rev. Participating VRDN:
Series Floaters ZF 27 58, 1.21% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d)	1,100,000	1,100,000
Series XF 08 46, 1.25% 3/6/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c)(d)	900,000	900,000
Rowan Univ. Participating VRDN Series 2016 XF 2337, 1.19% 3/6/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)	2,400,000	2,400,000
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN Series 2016 22, 1.22% 3/2/20 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(d)	970,000	970,000
		10,100,000
California - 0.3%
Dignity Health Participating VRDN Series DBE 80 11, 1.37% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d)	300,000	300,000
Florida - 0.2%
Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 2019, 1.45% 4/10/20 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)	200,000	200,000
Illinois - 0.2%
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)	195,000	195,000
Ohio - 0.2%
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)	95,000	95,000
Ohio Hosp. Rev. Participating VRDN Series 002, 1.3% 4/10/20 (Liquidity Facility Barclays Bank PLC) (a)(c)(d)	100,000	100,000
		195,000
Utah - 1.6%
Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.4% 3/6/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(d)	1,400,000	1,400,000
TOTAL TENDER OPTION BOND
(Cost $12,390,000)		12,390,000
Other Municipal Security - 1.8%
Arizona - 1.0%
Phoenix Civic Impt. Board Arpt. Rev. Bonds Series 2013, 5% 7/1/20 (b)	900,000	910,721
Florida - 0.6%
Florida Dev. Fin. Corp. Surface T Bonds (Virgin Trains U.S.A. Passenger Rail Proj.) Series 2019 B, 1.9%, tender 3/17/20 (a)(b)	500,000	500,001
Massachusetts - 0.2%
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 5, 1.2% tender 4/13/20 (Massachusetts Elec. Co. Guaranteed), CP mode (b)	200,000	200,000
TOTAL OTHER MUNICIPAL SECURITY
(Cost $1,610,722)		1,610,722
	Shares	Value
Investment Company - 8.5%
Fidelity Municipal Cash Central Fund 1.19% (e)(f)
(Cost $7,695,869)	7,695,128	7,695,869
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $90,416,591)		90,416,591
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(93,258)
NET ASSETS - 100%		$90,323,333

Security Type Abbreviations

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

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

 (e) 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	$29,554
Total	$29,554

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Fidelity® Arizona Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

		February 29, 2020 (Unaudited)
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $82,720,722)	$82,720,722
Fidelity Central Funds (cost $7,695,869)	7,695,869
Total Investment in Securities (cost $90,416,591)		$90,416,591
Cash		2,717
Receivable for investments sold		412
Receivable for fund shares sold		140,422
Interest receivable		82,280
Distributions receivable from Fidelity Central Funds		4,892
Other receivables		9
Total assets		90,647,323
Liabilities
Payable for investments purchased	$200,000
Payable for fund shares redeemed	79,254
Distributions payable	7,182
Accrued management fee	37,559
Total liabilities		323,995
Net Assets		$90,323,328
Net Assets consist of:
Paid in capital		$90,322,726
Total accumulated earnings (loss)		602
Net Assets		$90,323,328
Net Asset Value, offering price and redemption price per share ($90,323,328 ÷ 90,187,901 shares)		$1.00

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Six months ended February 29, 2020 (Unaudited)
Investment Income
Interest		$539,481
Income from Fidelity Central Funds		29,554
Total income		569,035
Expenses
Management fee	$225,364
Custodian fees and expenses	3
Independent trustees' fees and expenses	149
Total expenses		225,516
Net investment income (loss)		343,519
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,203
Capital gain distributions from Fidelity Central Funds	26
Total net realized gain (loss)		1,229
Net increase in net assets resulting from operations		$344,748

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Six months ended February 29, 2020 (Unaudited)	Year ended August 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$343,519	$1,163,939
Net realized gain (loss)	1,229	7,783
Net increase in net assets resulting from operations	344,748	1,171,722
Distributions to shareholders	(348,883)	(1,164,874)
Share transactions
Proceeds from sales of shares	11,698,951	23,231,595
Reinvestment of distributions	306,082	1,064,277
Cost of shares redeemed	(14,412,528)	(38,805,699)
Net increase (decrease) in net assets and shares resulting from share transactions	(2,407,495)	(14,509,827)
Total increase (decrease) in net assets	(2,411,630)	(14,502,979)
Net Assets
Beginning of period	92,734,958	107,237,937
End of period	$90,323,328	$92,734,958
Other Information
Shares
Sold	11,698,951	23,231,595
Issued in reinvestment of distributions	306,082	1,064,277
Redeemed	(14,412,528)	(38,805,699)
Net increase (decrease)	(2,407,495)	(14,509,827)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Arizona Municipal Money Market Fund

	Six months ended (Unaudited) February 29,	Years endedAugust 31,
	2020	2019	2018	2017	2016	2015
Selected Per–Share Data
Net asset value, beginning of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations
Net investment income (loss)	.004	.012	.008	.003	–A	–A
Net realized and unrealized gain (loss)	–A	–A	–A	.002	–A	–A
Total from investment operations	.004	.012	.008	.005	–A	–A
Distributions from net investment income	(.004)	(.012)	(.008)	(.003)	–A	–A
Distributions from net realized gain	–A	–A	–	(.002)	–A	–
Total distributions	(.004)	(.012)	(.008)	(.005)	–A	–A
Net asset value, end of period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total ReturnB,C	.39%	1.16%	.78%	.48%	.02%	.01%
Ratios to Average Net AssetsD,E
Expenses before reductions	.50%F	.50%	.50%	.50%	.50%	.50%
Expenses net of fee waivers, if any	.50%F	.50%	.50%	.50%	.20%	.06%
Expenses net of all reductions	.50%F	.50%	.50%	.50%	.20%	.06%
Net investment income (loss)	.77%F	1.16%	.76%	.29%	.01%	.01%
Supplemental Data
Net assets, end of period (000 omitted)	$90,323	$92,735	$107,238	$143,253	$242,046	$400,132

 ^A Amount represents less than $.0005 per share.

 ^B Total returns for periods of less than one year are not annualized.

 ^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 ^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 ^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 ^F Annualized

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements (Unaudited)

For the period ended February 29, 2020

1. Organization.

Fidelity Arizona Municipal Income Fund (the Income Fund) is a fund of Fidelity Union Street Trust. Fidelity Arizona Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Union Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Union Street Trust and Fidelity Union Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Arizona.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
• Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount, capital loss carryforwards and losses deferred due to excise tax regulations.

The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation)
Fidelity Arizona Municipal Income Fund	$173,895,150	$15,427,417	$(9,660)	$15,417,757
Fidelity Arizona Municipal Money Market Fund	90,416,591	–	–	–

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

	No expiration
	Short-term	Long-term	Total capital loss carryforward
Fidelity Arizona Municipal Income Fund	$(128,595)	$(33,044)	$(161,639)

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Arizona Municipal Income Fund	19,778,244	7,945,354

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Funds with investment management related services for which the Funds pay a monthly management fee. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Each Fund's management fee is equal to the following annual rate of average net assets:

Fidelity Arizona Municipal Income Fund	.55%
Fidelity Arizona Municipal Money Market Fund	.50%

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:

	Amount
Fidelity Arizona Municipal Income Fund	$214

During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Custodian credits
Fidelity Arizona Municipal Income Fund	$500

8. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

9. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2019 to February 29, 2020).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-A	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Expenses Paid During Period-B September 1, 2019 to February 29, 2020
Fidelity Arizona Municipal Income Fund	.55%
Actual		$1,000.00	$1,027.30	$2.77
Hypothetical-C		$1,000.00	$1,022.13	$2.77
Fidelity Arizona Municipal Money Market Fund	.50%
Actual		$1,000.00	$1,003.90	$2.49
Hypothetical-C		$1,000.00	$1,022.38	$2.51

 ^A Annualized expense ratio reflects expenses net of applicable fee waivers.

 ^B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).

 ^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Arizona Municipal Income Fund / Fidelity Arizona Municipal Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2019 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.Approval of Amended and Restated Advisory Contracts. At its September 2019 meeting, the Board also unanimously determined to approve amended and restated management contracts and sub-advisory agreements (Amended and Restated Contracts) in connection with an upcoming consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, Fidelity Investments Money Management, Inc. (FIMM) expects to merge with and into FMR and, after the merger, FMR expects to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreements with FIMM upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also approved amendments that clarify that each fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees or expenses paid by the funds. Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers. Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals. Investment Performance (for Fidelity Arizona Municipal Income Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in September 2018 and December 2018.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and a peer group of funds with similar objectives (peer group), if any. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. Investment Performance (for Fidelity Arizona Municipal Money Market Fund).  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund. Competitiveness of Management Fee and Total Expense Ratio.  The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison. Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, in prior years, each fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. Fidelity no longer calculates hypothetical net management fees for the fund and, as a result, the charts do not include hypothetical net management fees for periods after 2016.

Fidelity Arizona Municipal Income Fund

The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2018.

Fidelity Arizona Municipal Money Market Fund

The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group. The Board considered that Fidelity is the only firm that offers an Arizona money market fund.

The Board noted that the fund’s management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for 2018.The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the funds) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Total Expense Ratio.  In its review of each fund's total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.The Board noted that Fidelity Arizona Municipal Income Fund's total expense ratio ranked below the competitive median for 2018 and Fidelity Arizona Municipal Money Market Fund's total expense ratio ranked above the competitive median for 2018. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that the competitive data for Fidelity Arizona Municipal Money Market Fund reflects periods for which many competitor funds waived fees or reimbursed expenses in order to maintain a minimum yield. The Board also considered that, as interest rates rise, many competitors have eliminated such waivers, but the externally sourced competitive data for 2018 had not yet caught up to the fiscal periods during which competitors have stopped waiving fees to maintain minimum yields. The Board noted that, excluding fee waivers and reimbursements, the fund's total expense ratio ranked equal to the median. Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered. Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and meets periodically, to evaluate potential fall-out benefits. The Board noted that the committee was expected to, among other things: (i) discuss the legal framework surrounding potential fall-out benefits; (ii) review the Board's responsibilities and approach to potential fall-out benefits; and (iii) review practices employed by competitor funds regarding the review of potential fall-out benefits. The Board noted that it would consider the committee's findings in connection with future consideration of contract renewals.The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive. Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the practices of certain sub-advisers regarding their receipt of research from broker-dealers that execute the funds' portfolio transactions; (vi) the terms of Fidelity's voluntary expense limitation agreements; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends, and the impact of the increased use of omnibus accounts; (ix) new developments in the retail and institutional marketplaces and the competitive positioning of the funds relative to other investment products and services; (x) the impact on fund profitability of recent changes in total net assets for Fidelity's money market funds, anticipated changes to the competitive landscape for money market funds, and the level of investor comfort with gates, fees, and floating NAVs; (xi) the funds' share class structures and distribution channels; and (xii) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain classes. In addition, the Board considered its discussions with Fidelity throughout the year regarding enhanced information security initiatives and the funds' fair valuation policies.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that each fund's Advisory Contracts should be renewed and each fund's Amended and Restated Contracts should be approved.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Arizona Municipal Income Fund (the Income Fund) has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Income Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Income Fund’s Board of Trustees (the Board) has designated the Income Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

• Highly liquid investments – cash or convertible to cash within three business days or less
• Moderately liquid investments – convertible to cash in three to seven calendar days
• Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
• Illiquid investments – cannot not be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

AZI-SPZ-SANN-0420
1.700927.122

Item 2.

Code of Ethics

Not applicable.

Item 3.

Audit Committee Financial Expert

Not applicable.

Item 4.

Principal Accountant Fees and Services

Not applicable.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.  

Investments

(a)

Not applicable.

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Union Street Trust II’s Board of Trustees.

Item 11.

Controls and Procedures

(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Union Street Trust II’s (the “Trust”) disclosure controls and procedures (as

defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii)  There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Union Street Trust II

By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer
Date:	April 23, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer
Date:	April 23, 2020

By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer
Date:	April 23, 2020