N-CSRS 1 filing942.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-06454


Fidelity Municipal Trust II

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

December 31



Date of reporting period:

June 30, 2022


Item 1.

Reports to Stockholders




Fidelity® Michigan Municipal Income Fund

Fidelity® Michigan Municipal Money Market Fund



Semi-Annual Report

June 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® Michigan Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Michigan Municipal Money Market Fund

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Michigan Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of June 30, 2022

 % of fund's net assets 
General Obligations 24.2 
Health Care 23.8 
Education 13.5 
Water & Sewer 10.1 
Transportation 10.0 

Quality Diversification (% of fund's net assets)

As of June 30, 2022 
   AAA 3.2% 
   AA,A 87.5% 
   BBB 3.8% 
   BB and Below 1.5% 
   Not Rated 2.3% 
   Short-Term Investments and Net Other Assets 1.7% 


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

Fidelity® Michigan Municipal Income Fund

Schedule of Investments June 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.3%   
 Principal Amount Value 
Guam - 0.4%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
6.25% 10/1/34 (a) $600,000 $621,084 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 400,000 420,789 
Guam Pwr. Auth. Rev. Series 2022 A, 5% 10/1/44 (b) 1,000,000 1,020,116 
TOTAL GUAM  2,061,989 
Michigan - 96.9%   
Battle Creek School District Series 2016:   
5% 5/1/36 1,500,000 1,628,976 
5% 5/1/37 1,175,000 1,273,803 
Bay City School District Rev. Series 2014:   
5% 11/1/26 1,000,000 1,052,975 
5% 11/1/27 700,000 736,567 
5% 11/1/28 250,000 263,014 
Bloomfield Hills Schools District Series 2020, 4% 5/1/50 1,500,000 1,469,049 
Chippewa Valley Schools Series 2016 A:   
5% 5/1/32 1,000,000 1,063,876 
5% 5/1/33 1,000,000 1,062,246 
5% 5/1/34 1,075,000 1,140,516 
5% 5/1/35 775,000 821,477 
Detroit Downtown Dev. Auth. Tax Series A:   
5% 7/1/29 (Assured Guaranty Muni. Corp. Insured) 1,340,000 1,405,280 
5% 7/1/31 (Assured Guaranty Muni. Corp. Insured) 1,775,000 1,860,766 
5% 7/1/33 (Assured Guaranty Muni. Corp. Insured) 2,000,000 2,095,843 
5% 7/1/34 (Assured Guaranty Muni. Corp. Insured) 1,750,000 1,833,515 
5% 7/1/35 (Assured Guaranty Muni. Corp. Insured) 2,750,000 2,880,145 
5% 7/1/37 (Assured Guaranty Muni. Corp. Insured) 2,000,000 2,093,857 
Detroit Gen. Oblig.:   
Series 2018, 5% 4/1/23 310,000 315,522 
Series 2020:   
5.5% 4/1/35 690,000 751,503 
5.5% 4/1/36 435,000 472,988 
5.5% 4/1/37 465,000 504,350 
5.5% 4/1/38 490,000 530,318 
Series 2021 A:   
5% 4/1/37 1,875,000 1,954,871 
5% 4/1/39 1,210,000 1,256,036 
Detroit Swr. Disp. Rev.:   
Series 2001 B, 5.5% 7/1/29 (Assured Guaranty Corp. Insured) (FGIC Insured) 25,000 27,861 
Series 2006, 5% 7/1/36 10,000 10,027 
Downriver Util. Wastewtr. Auth. Swr. Sys. Rev. Series 2018:   
5% 4/1/33 (Assured Guaranty Muni. Corp. Insured) 735,000 818,867 
5% 4/1/34 (Assured Guaranty Muni. Corp. Insured) 520,000 578,202 
5% 4/1/35 (Assured Guaranty Muni. Corp. Insured) 500,000 554,537 
Farmington Pub. School District Gen. Oblig.:   
Series 2015:   
5% 5/1/26 (Assured Guaranty Muni. Corp. Insured) 1,385,000 1,493,802 
5% 5/1/27 (Assured Guaranty Muni. Corp. Insured) 1,425,000 1,535,318 
Series 2020, 4% 5/1/40 3,000,000 2,998,505 
Fitzgerald Pub. School District Series 2019, 5% 5/1/37 1,260,000 1,408,073 
Flint Hosp. Bldg. Auth. Rev. Series 2020:   
4% 7/1/38 1,800,000 1,656,521 
4% 7/1/41 1,395,000 1,235,200 
Fraser Pub. School District Series 2006 B, 5% 5/1/29 1,455,000 1,560,607 
Gerald R. Ford Int'l. Arpt. Auth. Rev. Series 2021:   
5% 1/1/26 (a) 225,000 242,636 
5% 1/1/27 (a) 325,000 356,005 
5% 1/1/28 (a) 235,000 260,652 
5% 1/1/29 (a) 525,000 588,024 
5% 1/1/30 (a) 425,000 479,459 
5% 1/1/31 (a) 725,000 821,880 
5% 1/1/32 (a) 725,000 819,507 
5% 1/1/33 (a) 1,000,000 1,129,944 
5% 1/1/34 (a) 1,000,000 1,123,528 
5% 1/1/35 (a) 850,000 951,212 
5% 1/1/36 (a) 600,000 669,007 
5% 1/1/37 (a) 700,000 777,797 
5% 1/1/38 (a) 1,170,000 1,296,649 
5% 1/1/39 (a) 1,000,000 1,105,895 
5% 1/1/40 (a) 1,000,000 1,103,312 
5% 1/1/41 (a) 1,100,000 1,211,216 
5% 1/1/46 (a) 2,000,000 2,170,555 
5% 1/1/51 (a) 3,000,000 3,243,116 
Grand Rapids Pub. Schools:   
Series 2017, 5% 5/1/29 (Assured Guaranty Muni. Corp. Insured) 480,000 529,298 
Series 2019:   
5% 11/1/39 (Assured Guaranty Muni. Corp. Insured) 1,200,000 1,323,011 
5% 11/1/41 (Assured Guaranty Muni. Corp. Insured) 1,300,000 1,420,238 
5% 11/1/42 (Assured Guaranty Muni. Corp. Insured) 1,400,000 1,522,138 
Grand Rapids San. Swr. Sys. Rev.:   
Series 2018:   
5% 1/1/31 475,000 529,090 
5% 1/1/33 250,000 276,767 
5% 1/1/34 550,000 606,999 
5% 1/1/35 400,000 440,135 
5% 1/1/38 655,000 711,492 
Series 2016, 5% 1/1/37 1,250,000 1,345,814 
Grand Rapids Wtr. Supply Sys. Series 2016:   
5% 1/1/31 250,000 270,899 
5% 1/1/32 320,000 346,639 
5% 1/1/33 550,000 595,402 
5% 1/1/34 500,000 540,753 
5% 1/1/35 920,000 993,707 
5% 1/1/36 385,000 415,177 
5% 1/1/46 800,000 851,975 
Grand Traverse County Hosp. Fin. Auth.:   
Series 2014 A, 5% 7/1/47 1,400,000 1,426,274 
Series 2019 A:   
5% 7/1/44 1,110,000 1,165,659 
5% 7/1/49 2,615,000 2,720,201 
Grand Valley Michigan State Univ. Rev.:   
Series 2014 B:   
5% 12/1/25 500,000 531,883 
5% 12/1/26 1,900,000 2,017,481 
5% 12/1/28 1,800,000 1,907,391 
Series 2018:   
5% 12/1/34 1,075,000 1,169,939 
5% 12/1/35 1,225,000 1,331,134 
5% 12/1/37 1,375,000 1,490,221 
5% 12/1/38 875,000 946,545 
5% 12/1/43 1,400,000 1,505,233 
Grandville Pub. Schools District Series 2020:   
4% 5/1/39 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,005,577 
4% 5/1/40 (Assured Guaranty Muni. Corp. Insured) 1,300,000 1,303,968 
Great Lakes Wtr. Auth. Sew Disp. Sys.:   
Series 2016 B, 5% 7/1/27 15,000 16,328 
Series 2016 C, 5% 7/1/31 7,000,000 7,502,111 
Series 2018 A:   
5% 7/1/43 10,000,000 10,831,132 
5% 7/1/48 5,000,000 5,387,830 
Series 2018 B:   
5% 7/1/28 1,125,000 1,261,278 
5% 7/1/29 15,000 17,003 
Great Lakes Wtr. Auth. Wtr. Supply Sys. Rev.:   
Series 2016 C, 5.25% 7/1/35 2,000,000 2,151,727 
Series 2020 B:   
5% 7/1/45 1,850,000 2,008,531 
5% 7/1/49 1,300,000 1,409,190 
Grosse Pointe Pub. School Sys. Series 2019:   
5% 5/1/38 1,000,000 1,108,810 
5% 5/1/39 1,000,000 1,107,014 
Hudsonville Pub. Schools Series 2017:   
5% 5/1/31 430,000 476,396 
5% 5/1/32 1,200,000 1,326,792 
5% 5/1/34 1,000,000 1,098,901 
5% 5/1/35 1,000,000 1,096,498 
Ingham, Eaton and Clinton Counties Lansing School District Series II, 5% 5/1/24 355,000 373,479 
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2016:   
4% 5/15/36 1,985,000 1,980,688 
4% 5/15/36 (Pre-Refunded to 5/15/26 @ 100) 15,000 15,925 
5% 5/15/28 775,000 824,922 
5% 5/15/28 (Pre-Refunded to 5/15/26 @ 100) 5,000 5,496 
5% 5/15/30 4,970,000 5,237,840 
5% 5/15/30 (Pre-Refunded to 5/15/26 @ 100) 30,000 32,975 
Kentwood Econ. Dev. Corp.:   
Series 2021, 4% 11/15/45 500,000 400,877 
Series 2022:   
4% 11/15/31 1,000,000 928,042 
4% 11/15/43 2,250,000 1,850,959 
Lansing Board of Wtr. & Lt. Util. Rev.:   
Bonds Series 2021 B, 2%, tender 7/1/26 (c) 2,000,000 1,895,168 
Series 2019 A:   
5% 7/1/24 375,000 396,568 
5% 7/1/25 375,000 405,562 
5% 7/1/44 2,180,000 2,382,779 
Lansing Cmnty. College Series 2019, 5% 5/1/44 3,000,000 3,292,110 
Lincoln Consolidated School District Series 2016 A:   
5% 5/1/28 2,025,000 2,219,994 
5% 5/1/29 1,430,000 1,562,220 
5% 5/1/31 500,000 543,372 
5% 5/1/32 1,000,000 1,086,364 
Lowell Area Schools Series I:   
5% 5/1/47 1,500,000 1,657,600 
5% 5/1/49 1,750,000 1,932,313 
Macomb Interceptor Drain Drainage District Series 2017 A:   
5% 5/1/33 2,100,000 2,306,410 
5% 5/1/34 1,750,000 1,921,420 
Marquette Board Lt. & Pwr. Elec. Util. Sys. Rev. Series 2016 A:   
5% 7/1/29 780,000 855,821 
5% 7/1/30 900,000 987,126 
5% 7/1/31 780,000 853,023 
5% 7/1/32 1,000,000 1,093,222 
5% 7/1/33 705,000 770,722 
Michigan Bldg. Auth. Rev.:   
(Facilities Prog.) Series I, 3% 10/15/45 6,000,000 4,989,590 
Series I, 5% 4/15/38 3,000,000 3,149,393 
Michigan Fin. Auth. Rev.:   
(Charter County of Wayne Criminal Justice Ctr. Proj.) Series 2018:   
5% 11/1/30 1,000,000 1,133,505 
5% 11/1/31 750,000 847,129 
5% 11/1/32 1,000,000 1,126,131 
5% 11/1/33 3,250,000 3,650,331 
5% 11/1/35 1,000,000 1,118,829 
5% 11/1/36 1,250,000 1,394,133 
5% 11/1/37 1,500,000 1,670,945 
5% 11/1/38 1,595,000 1,773,462 
(Detroit Wtr. And Sewerage Dept. Sewage Disp. Sys. Rev. And Rev. Rfdg. Local Proj. Bonds):   
Series 2014 C, 5% 7/1/25 (Assured Guaranty Muni. Corp. Insured) 1,850,000 1,943,809 
Series 2014 C3, 5% 7/1/30 (Assured Guaranty Muni. Corp. Insured) 6,000,000 6,243,618 
(Detroit Wtr. And Sewerage Dept. Wtr. Supply Sys. Rev. Rfdg. Local Proj. Bonds) Series 2015, 5% 7/1/30 10,000 10,539 
(Holland Cmnty. Hosp. Proj.) Series 2013 A:   
5% 1/1/33 1,250,000 1,268,766 
5% 1/1/40 3,000,000 3,045,038 
(Kalamazoo College Proj.) Series 2018:   
4% 12/1/36 790,000 776,617 
4% 12/1/47 2,610,000 2,411,423 
(Local Govt. Ln. Prog.) Series 2014 D, 5% 7/1/37 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,034,717 
(Trinity Health Proj.) Series 2017:   
5% 12/1/30 710,000 781,665 
5% 12/1/37 3,270,000 3,470,435 
5% 12/1/42 2,120,000 2,228,573 
Bonds:   
Series 2015 D2, 1.2%, tender 4/13/28 (c) 3,000,000 2,686,144 
Series 2016 E1, 4%, tender 8/15/24 (c) 1,355,000 1,400,159 
Series 2012:   
5% 11/15/24 660,000 667,439 
5% 11/15/26 800,000 808,783 
5% 11/1/42 (Pre-Refunded to 11/1/22 @ 100) 2,000,000 2,022,980 
Series 2013, 5% 8/15/30 (Pre-Refunded to 8/15/23 @ 100) 4,105,000 4,251,689 
Series 2014 H1:   
5% 10/1/25 2,250,000 2,372,249 
5% 10/1/39 4,725,000 4,911,465 
Series 2015 C:   
5% 7/1/26 570,000 606,573 
5% 7/1/27 1,465,000 1,555,101 
5% 7/1/28 1,500,000 1,586,071 
5% 7/1/35 2,100,000 2,194,777 
Series 2015 D1:   
5% 7/1/34 1,250,000 1,309,678 
5% 7/1/35 505,000 528,523 
Series 2015 D2, 5% 7/1/34 1,000,000 1,046,291 
Series 2016 A, 5% 11/1/44 4,190,000 4,378,792 
Series 2016:   
5% 11/15/28 2,655,000 2,852,192 
5% 1/1/29 1,000,000 1,054,799 
5% 11/15/29 2,950,000 3,154,453 
5% 1/1/30 1,000,000 1,050,150 
5% 1/1/31 1,170,000 1,223,619 
5% 1/1/32 1,895,000 1,971,628 
5% 1/1/33 1,915,000 1,988,961 
5% 1/1/34 2,135,000 2,210,800 
5% 11/15/34 1,135,000 1,191,091 
5% 11/15/41 11,710,000 12,199,869 
Series 2019 A:   
4% 12/1/49 7,000,000 6,511,779 
4% 2/15/50 4,000,000 3,742,460 
5% 11/15/48 9,865,000 10,193,702 
5% 5/15/54 1,000,000 1,026,780 
Series 2019 MI1, 5% 12/1/48 2,000,000 2,098,044 
Series 2020 A:   
4% 6/1/35 2,000,000 1,973,093 
4% 6/1/37 2,000,000 1,954,170 
4% 6/1/40 2,000,000 1,934,656 
4% 6/1/49 4,250,000 3,796,564 
Series 2020:   
4% 11/1/55 2,500,000 2,298,474 
5% 6/1/40 3,000,000 3,160,699 
Series 2021, 5% 9/1/38 1,270,000 1,370,484 
Series 2022:   
4% 2/1/27 185,000 188,561 
4% 2/1/32 285,000 281,711 
4% 2/1/42 745,000 669,171 
4% 4/15/42 2,000,000 1,976,154 
4% 12/1/46 1,725,000 1,526,576 
4% 12/1/51 1,100,000 950,151 
Michigan Gen. Oblig. Series 2020 A, 4% 5/15/40 500,000 501,018 
Michigan Hosp. Fin. Auth. Rev.:   
Series 2010 F, 4% 11/15/47 290,000 279,298 
Series 2010 F4, 5% 11/15/47 5,050,000 5,349,558 
Series 2016:   
5% 11/15/46 3,500,000 3,696,662 
5% 11/15/47 18,000,000 18,986,628 
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2020 A1, 0.65% 10/1/24 460,000 441,307 
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:   
Series 2019 B, 3.75% 6/1/50 3,000,000 3,022,496 
Series 2020 C, 3% 6/1/51 3,320,000 3,255,760 
Series 2021 A, 3% 6/1/52 3,430,000 3,346,499 
Series 2022 A, 5% 6/1/53 2,500,000 2,647,859 
Series A:   
3.5% 12/1/50 2,625,000 2,621,384 
4% 12/1/48 1,185,000 1,202,818 
Series C, 4.25% 6/1/49 2,615,000 2,666,972 
Michigan State Hsg. Dev. Auth. Series 2021 A, 0.55% 4/1/25 2,750,000 2,595,215 
Michigan State Univ. Revs.:   
Series 2019 B, 5% 2/15/48 3,000,000 3,201,234 
Series 2019 C, 4% 2/15/44 1,500,000 1,466,238 
Michigan Strategic Fund Ltd. Oblig. Rev.:   
(I-75 Impt. Proj.):   
Series 2017, 5% 6/30/25 (a) 1,100,000 1,144,531 
Series 2018:   
4.25% 12/31/38 (Assured Guaranty Muni. Corp. Insured) (a) 840,000 804,349 
5% 12/31/25 (a) 1,260,000 1,316,769 
5% 12/31/26 (a) 425,000 446,984 
5% 6/30/29 (a) 35,000 36,602 
(The Detroit Edison Co. Exempt Facilities Proj.) Series 2008 ET2, 1.35% 8/1/29 2,000,000 1,698,862 
(The Detroit Edison Co. Poll. Cont. Bonds Proj.) Series 1995 CC, 1.45% 9/1/30 2,000,000 1,679,915 
Bonds:   
(Consumer Energy Co. Proj.) Series 2019, 1.8%, tender 10/1/24 (a)(c) 6,000,000 5,803,105 
(Graphic Packaging Int'l., LLC Coated Recycled Board Machine Proj.) Series 2021, 4%, tender 10/1/26 (a)(c) 5,000,000 4,947,895 
Series 2020:   
4% 5/15/27 715,000 695,256 
5% 5/15/44 1,500,000 1,416,104 
Michigan Technological Univ. Series 2021, 4% 10/1/46 2,835,000 2,759,543 
Northern Michigan Univ. Revs. Series 2021:   
4% 6/1/39 900,000 916,988 
4% 6/1/40 500,000 506,386 
4% 6/1/41 1,385,000 1,394,752 
4% 6/1/46 1,850,000 1,809,413 
5% 6/1/32 375,000 429,278 
5% 6/1/33 365,000 414,939 
5% 6/1/34 375,000 425,211 
5% 6/1/35 375,000 423,957 
5% 6/1/36 400,000 451,718 
5% 6/1/37 675,000 759,769 
Novi Cmnty. School District Series I:   
5% 5/1/43 1,150,000 1,251,344 
5% 5/1/44 1,175,000 1,276,319 
Oakland Macomb Intercepto Series 2020 A, 5% 7/1/29 1,500,000 1,715,596 
Oakland Univ. Rev.:   
Series 2013 A:   
5% 3/1/25 995,000 1,012,504 
5% 3/1/27 815,000 829,338 
5% 3/1/38 2,900,000 2,951,017 
Series 2014:   
5% 3/1/28 335,000 349,376 
5% 3/1/29 525,000 546,484 
5% 3/1/39 3,000,000 3,094,595 
Series 2016:   
5% 3/1/28 1,150,000 1,243,029 
5% 3/1/41 3,475,000 3,687,555 
Series 2022 B:   
5% 3/1/36 (b) 1,135,000 1,219,541 
5% 3/1/37 (b) 1,265,000 1,355,053 
Portage Pub. Schools:   
Series 2016:   
5% 11/1/32 2,500,000 2,724,472 
5% 11/1/34 1,250,000 1,360,331 
5% 11/1/35 1,300,000 1,413,261 
5% 11/1/39 755,000 817,057 
Series 2019, 4% 11/1/38 2,000,000 2,018,756 
Series 2021, 4% 11/1/42 1,000,000 993,864 
Ravenna Pub. Schools Gen. Oblig. Series 2021, 4% 5/1/51 2,140,000 2,065,135 
Rochester Cmnty. School District Series I, 5% 5/1/31 1,500,000 1,638,119 
Rockford Pub. Schools Gen. Oblig. Series 2019 I:   
5% 5/1/42 3,050,000 3,360,743 
5% 5/1/44 3,100,000 3,411,761 
Roseville Cmnty. Schools:   
Series 2014, 5% 5/1/24 780,000 820,459 
Series 2015, 5% 5/1/24 570,000 599,566 
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D:   
5% 9/1/26 (Pre-Refunded to 3/1/24 @ 100) 1,000,000 1,049,923 
5% 9/1/27 (Pre-Refunded to 3/1/24 @ 100) 1,175,000 1,233,659 
5% 9/1/28 (Pre-Refunded to 3/1/24 @ 100) 1,870,000 1,963,355 
Saginaw City School District Series 2021, 4% 5/1/47 3,000,000 2,929,363 
Saginaw Hosp. Fin. Auth. Hosp. Rev. Series 2020 J:   
4% 7/1/36 770,000 768,085 
4% 7/1/37 820,000 816,659 
4% 7/1/39 1,430,000 1,416,354 
4% 7/1/40 490,000 483,253 
Walled Lake Consolidated School District:   
Series 2020, 5% 5/1/36 1,050,000 1,187,648 
Series 2022, 5% 5/1/47 1,500,000 1,654,275 
Warren Consolidated School District:   
Series 2016:   
5% 5/1/34 5,630,000 6,146,254 
5% 5/1/35 1,250,000 1,362,712 
Series 2017:   
4% 5/1/24 (Assured Guaranty Muni. Corp. Insured) 750,000 773,793 
4% 5/1/25 (Assured Guaranty Muni. Corp. Insured) 500,000 521,319 
Series 2018:   
5% 5/1/30 550,000 607,998 
5% 5/1/32 1,100,000 1,208,013 
5% 5/1/34 1,175,000 1,281,095 
5% 5/1/35 1,200,000 1,302,338 
5% 5/1/36 1,000,000 1,081,123 
5% 5/1/37 1,300,000 1,402,809 
5% 5/1/38 800,000 861,777 
Wayne County Arpt. Auth. Rev.:   
Series 2012 B, 5% 12/1/32 (a) 1,500,000 1,512,894 
Series 2014 C:   
5% 12/1/29 (a) 720,000 751,726 
5% 12/1/31 (a) 860,000 894,976 
5% 12/1/34 (a) 1,655,000 1,713,257 
Series 2015 D, 5% 12/1/40 (Assured Guaranty Muni. Corp. Insured) 8,165,000 8,499,045 
Series 2015 G:   
5% 12/1/35 5,435,000 5,682,173 
5% 12/1/36 5,760,000 6,016,625 
Series 2017 A:   
5% 12/1/37 545,000 575,129 
5% 12/1/42 1,455,000 1,533,138 
Series 2017 B, 5% 12/1/47 (a) 450,000 464,844 
Series 2018 B, 5% 12/1/48 (a) 5,000,000 5,188,078 
Series 2018 D:   
5% 12/1/30 (a) 4,365,000 4,733,821 
5% 12/1/31 (a) 2,825,000 3,051,387 
5% 12/1/32 (a) 2,945,000 3,162,752 
Series 2021 A:   
5% 12/1/36 1,000,000 1,096,842 
5% 12/1/37 1,500,000 1,640,381 
5% 12/1/38 1,250,000 1,363,463 
5% 12/1/39 1,500,000 1,632,718 
Series 2021 B:   
5% 12/1/35 (a) 1,225,000 1,326,303 
5% 12/1/37 (a) 1,520,000 1,633,623 
5% 12/1/46 (a) 1,280,000 1,344,086 
Wayne State Univ. Revs. Series 2019 A:   
4% 11/15/38 1,000,000 979,879 
4% 11/15/39 800,000 776,696 
Western Michigan Univ. Rev.:   
Series 2014:   
5% 11/15/25 320,000 339,775 
5% 11/15/26 400,000 424,339 
5% 11/15/28 650,000 687,090 
5% 11/15/29 750,000 792,088 
5% 11/15/30 855,000 901,772 
5% 11/15/31 700,000 736,648 
Series 2015 A:   
5% 11/15/26 1,000,000 1,071,675 
5% 11/15/28 2,505,000 2,669,506 
Series 2019 A, 5% 11/15/44 2,000,000 2,190,583 
Series 2021 A:   
5% 11/15/27 (Assured Guaranty Muni. Corp. Insured) 300,000 336,277 
5% 11/15/30 (Assured Guaranty Muni. Corp. Insured) 200,000 230,627 
5% 11/15/31 (Assured Guaranty Muni. Corp. Insured) 150,000 172,737 
5% 11/15/32 (Assured Guaranty Muni. Corp. Insured) 300,000 344,101 
5% 11/15/34 (Assured Guaranty Muni. Corp. Insured) 400,000 456,162 
5% 11/15/36 (Assured Guaranty Muni. Corp. Insured) 400,000 453,643 
5% 11/15/38 (Assured Guaranty Muni. Corp. Insured) 625,000 705,492 
5% 11/15/40 (Assured Guaranty Muni. Corp. Insured) 635,000 712,713 
5% 11/15/41 (Assured Guaranty Muni. Corp. Insured) 345,000 386,486 
5% 11/15/51 (Assured Guaranty Muni. Corp. Insured) 5,000,000 5,520,145 
5% 11/15/53 (Assured Guaranty Muni. Corp. Insured) 4,100,000 4,515,885 
Ypsilanti School District Series A:   
5% 5/1/29 1,305,000 1,426,660 
5% 5/1/30 1,550,000 1,692,722 
5% 5/1/32 2,000,000 2,183,394 
Zeeland Pub. Schools Series A, 5% 5/1/27 1,000,000 1,071,732 
TOTAL MICHIGAN  560,461,578 
Puerto Rico - 1.0%   
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1:   
0% 7/1/33 1,643,730 923,258 
5.625% 7/1/27 195,000 207,434 
5.625% 7/1/29 595,000 638,886 
5.75% 7/1/31 1,410,000 1,539,811 
Puerto Rico Hsg. Fin. Auth. Series 2020, 5% 12/1/27 1,340,000 1,474,442 
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021:   
4% 7/1/36 195,000 180,039 
5% 7/1/30 485,000 535,469 
5% 7/1/32 360,000 395,521 
TOTAL PUERTO RICO  5,894,860 
TOTAL MUNICIPAL BONDS   
(Cost $598,869,999)  568,418,427 
TOTAL INVESTMENT IN SECURITIES - 98.3%   
(Cost $598,869,999)  568,418,427 
NET OTHER ASSETS (LIABILITIES) - 1.7%  9,917,358 
NET ASSETS - 100%  $578,335,785 

Legend

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $568,418,427 $-- $568,418,427 $-- 
Total Investments in Securities: $568,418,427 $-- $568,418,427 $-- 

Other Information

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

General Obligations 24.2% 
Health Care 23.8% 
Education 13.5% 
Water & Sewer 10.1% 
Transportation 10.0% 
Special Tax 5.9% 
Others* (Individually Less Than 5%) 12.5% 
 100.0% 

* Includes net other assets

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


Fidelity® Michigan Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $598,869,999) 		 $568,418,427 
Cash  8,906,800 
Receivable for fund shares sold  493,275 
Interest receivable  5,960,158 
Other receivables  1,420 
Total assets  583,780,080 
Liabilities   
Payable for investments purchased on a delayed delivery basis $3,739,835  
Payable for fund shares redeemed 1,129,440  
Distributions payable 318,708  
Accrued management fee 169,144  
Other affiliated payables 63,683  
Other payables and accrued expenses 23,485  
Total liabilities  5,444,295 
Net Assets  $578,335,785 
Net Assets consist of:   
Paid in capital  $609,864,360 
Total accumulated earnings (loss)  (31,528,575) 
Net Assets  $578,335,785 
Net Asset Value, offering price and redemption price per share ($578,335,785 ÷ 50,934,652 shares)  $11.35 

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


Statement of Operations

  Six months ended June 30, 2022 (Unaudited) 
Investment Income   
Interest  $8,561,500 
Expenses   
Management fee $1,122,176  
Transfer agent fees 336,802  
Accounting fees and expenses 76,152  
Custodian fees and expenses 4,978  
Independent trustees' fees and expenses 1,016  
Registration fees 19,196  
Audit 24,488  
Legal 8,250  
Miscellaneous 1,315  
Total expenses before reductions 1,594,373  
Expense reductions (10,607)  
Total expenses after reductions  1,583,766 
Net investment income (loss)  6,977,734 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  (1,068,098) 
Total net realized gain (loss)  (1,068,098) 
Change in net unrealized appreciation (depreciation) on investment securities  (69,442,325) 
Net gain (loss)  (70,510,423) 
Net increase (decrease) in net assets resulting from operations  $(63,532,689) 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2022 (Unaudited) Year ended December 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,977,734 $15,137,759 
Net realized gain (loss) (1,068,098) 4,360,076 
Change in net unrealized appreciation (depreciation) (69,442,325) (8,677,684) 
Net increase (decrease) in net assets resulting from operations (63,532,689) 10,820,151 
Distributions to shareholders (7,717,256) (18,599,520) 
Share transactions   
Proceeds from sales of shares 50,287,953 98,407,493 
Reinvestment of distributions 5,407,418 12,950,242 
Cost of shares redeemed (137,711,670) (88,383,573) 
Net increase (decrease) in net assets resulting from share transactions (82,016,299) 22,974,162 
Total increase (decrease) in net assets (153,266,244) 15,194,793 
Net Assets   
Beginning of period 731,602,029 716,407,236 
End of period $578,335,785 $731,602,029 
Other Information   
Shares   
Sold 4,294,523 7,722,513 
Issued in reinvestment of distributions 456,951 1,018,827 
Redeemed (11,704,183) (6,946,787) 
Net increase (decrease) (6,952,709) 1,794,553 

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


Financial Highlights

Fidelity Michigan Municipal Income Fund

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.64 $12.77 $12.47 $11.97 $12.22 $11.94 
Income from Investment Operations       
Net investment income (loss)A,B .128 .265 .283 .309 .319 .333 
Net realized and unrealized gain (loss) (1.277) (.070) .347 .541 (.216) .324 
Total from investment operations (1.149) .195 .630 .850 .103 .657 
Distributions from net investment income (.128) (.265) (.284) (.310) (.318) (.333) 
Distributions from net realized gain (.013) (.060) (.046) (.040) (.035) (.044) 
Total distributions (.141) (.325) (.330) (.350) (.353) (.377) 
Net asset value, end of period $11.35 $12.64 $12.77 $12.47 $11.97 $12.22 
Total ReturnC,D (9.13)% 1.54% 5.11% 7.16% .90% 5.57% 
Ratios to Average Net AssetsB,E,F       
Expenses before reductions .50%G .48% .48% .48% .49% .49% 
Expenses net of fee waivers, if any .50%G .48% .48% .48% .48% .48% 
Expenses net of all reductions .49%G .48% .48% .48% .48% .48% 
Net investment income (loss) 2.18%G 2.08% 2.25% 2.50% 2.67% 2.74% 
Supplemental Data       
Net assets, end of period (000 omitted) $578,336 $731,602 $716,407 $673,051 $597,684 $680,383 
Portfolio turnover rateH 8%G 13% 13% 14% 22% 12% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity® Michigan Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification

Days % of fund's investments 6/30/22 
1 - 7 91.2 
31 - 60 2.5 
91 - 180 0.4 
> 180 5.9 

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

Asset Allocation (% of fund's net assets)

As of June 30, 2022 
   Variable Rate Demand Notes (VRDNs) 36.8% 
   Tender Option Bond 39.8% 
   Other Municipal Security 9.9% 
   Investment Companies 13.5% 


Current 7-Day Yields

 6/30/22 
Fidelity® Michigan Municipal Money Market Fund 0.46% 

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

Fidelity® Michigan Municipal Money Market Fund

Schedule of Investments June 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 36.8%   
 Principal Amount Value 
Alabama - 0.7%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.19% 7/7/22, VRDN (a)(b) $1,100,000 $1,100,000 
West Jefferson Indl. Dev. Series 2008, 1.1% 7/7/22, VRDN (b) 200,000 200,000 
  1,300,000 
Kansas - 0.3%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 1.05% 7/7/22, VRDN (b) 400,000 400,000 
Series 2007 B, 1.05% 7/7/22, VRDN (b) 100,000 100,000 
  500,000 
Michigan - 35.0%   
Central Michigan Univ. Rev. Series 2008 A, 0.91% 7/7/22, LOC TD Banknorth, NA, VRDN (b) 2,000,000 2,000,000 
Grand Valley Michigan State Univ. Rev. Series 2008 B, 0.91% 7/7/22, LOC TD Banknorth, NA, VRDN (b) 2,150,000 2,150,000 
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 B3, 0.95% 7/7/22 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) 400,000 400,000 
Lakeview School District Calhoun County Series B, 0.91% 7/7/22 (Michigan Gen. Oblig. Guaranteed), LOC TD Banknorth, NA, VRDN (b) 2,605,000 2,605,000 
Michigan Fin. Auth. Rev.:   
(Hosp. Proj.) Series 2016 E2, 0.96% 7/7/22, VRDN (b) 1,970,000 1,970,000 
Series 2016 E3, 0.85% 7/7/22, VRDN (b) 400,000 400,000 
Michigan Hsg. Dev. Auth. Rental Hsg. Rev.:   
Series 2002 A, 0.97% 7/7/22, LOC Bank of America NA, VRDN (a)(b) 4,500,000 4,500,000 
Series 2008 A, 0.93% 7/7/22, LOC Barclays Bank PLC, VRDN (a)(b) 4,495,000 4,495,000 
Series 2018 C, 0.98% 7/7/22, LOC Bank of America NA, VRDN (a)(b) 10,315,000 10,315,000 
Michigan State Univ. Revs. Series 2000 A:   
0.93% 7/7/22 (Liquidity Facility Northern Trust Co.), VRDN (b) 3,005,000 3,005,000 
0.93% 7/7/22 (Liquidity Facility PNC Bank NA), VRDN (b) 2,125,000 2,125,000 
Michigan Strategic Fund Ltd. Oblig. Rev.:   
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 0.7% 7/1/22, LOC Comerica Bank, VRDN (b) 3,240,000 3,240,000 
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 0.95% 7/7/22, LOC Bank of Nova Scotia, VRDN (b) 10,660,000 10,660,000 
FHLMC Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 0.93% 7/7/22, LOC Fed. Home Ln. Bank Chicago, VRDN (b) 17,465,000 17,465,000 
  65,330,000 
Nebraska - 0.8%   
Stanton County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1996, 1.19% 7/7/22, VRDN (a)(b) 500,000 500,000 
Series 1998, 1.19% 7/7/22, VRDN (a)(b) 1,000,000 1,000,000 
  1,500,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $68,630,000)  68,630,000 
Tender Option Bond - 39.8%   
Colorado - 0.0%   
Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Connecticut - 0.3%   
Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 400,000 400,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 200,000 200,000 
  600,000 
Florida - 0.4%   
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Miami-Dade County Wtr. & Swr. Rev. Participating VRDN Series 2021 XF 11 01, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 700,000 700,000 
  800,000 
Kentucky - 0.0%   
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Maryland - 0.0%   
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.11%, tender 1/3/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Michigan - 38.6%   
Clarkston Cmnty. Schools Participating VRDN Series Floaters G72, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 2,695,000 2,695,000 
Detroit Downtown Dev. Auth. Tax Participating VRDN Series Floaters XX 11 01, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 8,000,000 8,000,000 
Eastern Michigan Univ. Revs. Participating VRDN Series Floaters 009, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 9,300,000 9,300,000 
Grand Rapids San. Swr. Sys. Rev. Participating VRDN Series Floaters XF 26 12, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 4,000,000 4,000,000 
Grand Traverse County Hosp. Fin. Auth. Participating VRDN Series 2021 XG 03 19, 0.99% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,100,000 2,100,000 
Mclaren Health Care Corp. Participating VRDN Series XL 02 71, 1.01% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,900,000 1,900,000 
Michigan Bldg. Auth. Rev. Participating VRDN:   
Series 2021 XF 11 15, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 5,385,000 5,385,000 
Series Floaters XF 26 09, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 800,000 800,000 
Series Floaters XM 04 65, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 700,000 700,000 
Series Floaters XM 07 43, 0.94% 7/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) 500,000 500,000 
Michigan Fin. Auth. Rev. Participating VRDN:   
Series 15 XF0126, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,360,000 2,360,000 
Series Floaters ZF 07 84, 1.01% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,000,000 2,000,000 
Series Floaters ZF 07 90, 1.01% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,100,000 2,100,000 
Series Floaters ZF 07 96, 1.01% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,100,000 2,100,000 
Series Floaters ZF 28 25, 0.99% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 2,500,000 2,500,000 
Series XF 28 61, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 800,000 800,000 
Series XM 02 23, 0.95% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 4,800,000 4,800,000 
Series XM 04 72, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 1,450,000 1,450,000 
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series YZ 11 94, 0.94% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 1,800,000 1,800,000 
Michigan State Univ. Revs. Participating VRDN Series Floaters ZF 07 50, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,915,000 1,915,000 
Monroe Mich Pub. Schools Participating VRDN Series XL 01 46, 1.03% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 2,200,000 2,200,000 
Trenton Pub. Schools School District Participating VRDN Series Floaters CTFS G 102, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 3,100,000 3,100,000 
Univ. of Michigan Rev. Participating VRDN:   
Series 15 XF2199, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 2,589,000 2,589,000 
Series 15 XF2205, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 2,400,000 2,400,000 
Series Floaters XF 25 48, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 500,000 500,000 
Series Floaters ZF 05 90, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 4,100,000 4,100,000 
  72,094,000 
New York - 0.1%   
New York City Gen. Oblig. Participating VRDN Series 2020 003, 1.06% 8/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) 100,000 100,000 
Ohio - 0.1%   
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
South Carolina - 0.1%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Tennessee - 0.1%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Virginia - 0.1%   
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) 100,000 100,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  200,000 
TOTAL TENDER OPTION BOND   
(Cost $74,394,000)  74,394,000 
Other Municipal Security - 9.9%   
Michigan - 9.9%   
Detroit Swr. Disp. Rev. Bonds Series 2012 A, 5.25% 1,160,000 1,160,000 
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.16%, tender 1/24/23 (b)(f) 8,915,000 8,915,000 
Michigan Bldg. Auth. Rev. Series 2022 8, 1.3% 8/25/22, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP 1,900,000 1,900,000 
Michigan Fin. Auth. Rev. Bonds Series 2014 C2, 5% (a) 2,220,000 2,220,000 
Michigan Hosp. Fin. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series F5, 2.4%, tender 3/15/23 (b) 2,000,000 2,007,777 
Michigan State Univ. Revs. Bonds Series 2019 C, 5% 8/15/22 2,230,000 2,239,776 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $18,442,553)  18,442,553 
 Shares Value 
Investment Company - 13.5%   
Fidelity Municipal Cash Central Fund 0.88%(g)(h)   
(Cost $25,223,727) 25,219,375 25,223,727 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $186,690,280)  186,690,280 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (26,268) 
NET ASSETS - 100%  $186,664,012 

Security Type Abbreviations

CP – COMMERCIAL PAPER

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

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

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

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

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

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $900,000 or 0.5% of net assets.

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

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.11%, tender 1/3/23 (Liquidity Facility Royal Bank of Canada) 7/1/21 $100,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $200,000 
Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) 2/1/21 $100,000 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Municipal Cash Central Fund 0.88% $21,013,810 $48,996,999 $44,788,000 $36,402 $918 $-- $25,223,727 1.7% 
Total $21,013,810 $48,996,999 $44,788,000 $36,402 $918 $-- $25,223,727  

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

Investment Valuation

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

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Variable Rate Demand Note $68,630,000 $-- $68,630,000 $-- 
Tender Option Bond 74,394,000 -- 74,394,000 -- 
Other Municipal Security 18,442,553 -- 18,442,553 -- 
Investment Company 25,223,727 25,223,727 -- -- 
Total Investments in Securities: $186,690,280 $25,223,727 $161,466,553 $-- 

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


Fidelity® Michigan Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $161,466,553) 		$161,466,553  
Fidelity Central Funds (cost $25,223,727) 25,223,727  
Total Investment in Securities (cost $186,690,280)  $186,690,280 
Receivable for fund shares sold  159,356 
Interest receivable  330,671 
Distributions receivable from Fidelity Central Funds  16,592 
Receivable from investment adviser for expense reductions  10 
Other receivables  15 
Total assets  187,196,924 
Liabilities   
Payable to custodian bank $401,089  
Payable for fund shares redeemed 28,261  
Distributions payable 5,291  
Accrued management fee 54,571  
Other affiliated payables 27,061  
Other payables and accrued expenses 16,639  
Total liabilities  532,912 
Net Assets  $186,664,012 
Net Assets consist of:   
Paid in capital  $186,682,978 
Total accumulated earnings (loss)  (18,966) 
Net Assets  $186,664,012 
Net Asset Value, offering price and redemption price per share ($186,664,012 ÷ 186,382,810 shares)  $1.00 

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


Statement of Operations

  Six months ended June 30, 2022 (Unaudited) 
Investment Income   
Interest  $417,021 
Income from Fidelity Central Funds  36,402 
Total income  453,423 
Expenses   
Management fee $338,988  
Transfer agent fees 153,793  
Accounting fees and expenses 15,225  
Custodian fees and expenses 1,271  
Independent trustees' fees and expenses 299  
Registration fees 15,954  
Audit 17,615  
Legal 2,301  
Miscellaneous 213  
Total expenses before reductions 545,659  
Expense reductions (184,720)  
Total expenses after reductions  360,939 
Net investment income (loss)  92,484 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (18,293)  
Fidelity Central Funds 918  
Total net realized gain (loss)  (17,375) 
Net increase in net assets resulting from operations  $75,109 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2022 (Unaudited) Year ended December 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $92,484 $21,052 
Net realized gain (loss) (17,375) 23,323 
Net increase in net assets resulting from operations 75,109 44,375 
Distributions to shareholders (92,357) (105,307) 
Share transactions   
Proceeds from sales of shares 10,016,495 25,122,420 
Reinvestment of distributions 82,605 99,870 
Cost of shares redeemed (24,770,263) (38,896,191) 
Net increase (decrease) in net assets and shares resulting from share transactions (14,671,163) (13,673,901) 
Total increase (decrease) in net assets (14,688,411) (13,734,833) 
Net Assets   
Beginning of period 201,352,423 215,087,256 
End of period $186,664,012 $201,352,423 
Other Information   
Shares   
Sold 10,016,495 25,122,420 
Issued in reinvestment of distributions 82,605 99,870 
Redeemed (24,770,263) (38,896,191) 
Net increase (decrease) (14,671,163) (13,673,901) 

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


Financial Highlights

Fidelity Michigan Municipal Money Market Fund

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss)A –B –B .003 .010 .009 .004 
Net realized and unrealized gain (loss) –B –B –B –B .001 –B 
Total from investment operations –B –B .003 .010 .010 .004 
Distributions from net investment income –B –B (.003) (.010) (.009) (.004) 
Distributions from net realized gain – –B –B –B (.001) –B 
Total distributions –B –B (.003) (.010) (.010) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC,D .05% .05% .34% .98% 1.01% .37% 
Ratios to Average Net AssetsA,E,F       
Expenses before reductions .56%G .55% .55% .55% .55% .53% 
Expenses net of fee waivers, if any .37%G .09% .32% .55% .55% .53% 
Expenses net of all reductions .37%G .09% .32% .55% .55% .53% 
Net investment income (loss) .10%G .01% .34% .98% .90% .35% 
Supplemental Data       
Net assets, end of period (000 omitted) $186,664 $201,352 $215,087 $253,138 $310,652 $420,820 

 A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 B Amount represents less than $.0005 per share.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

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


Notes to Financial Statements (Unaudited)

For the period ended June 30, 2022

1. Organization.

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

Effective after the close of business on July 15, 2022, Fidelity Michigan Municipal Money Market Fund was closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

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

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

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

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

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

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

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2022 is included at the end of each Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds.

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Michigan Municipal Income Fund $598,869,915 $2,302,889 $(32,754,377) $(30,451,488) 
Fidelity Michigan Municipal Money Market Fund 186,690,280 – – – 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Michigan Municipal Income Fund 25,397,437 100,661,608 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Fidelity Michigan Municipal Income Fund .25% .10% .35% 
Fidelity Michigan Municipal Money Market Fund .25% .10% .35% 

During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.

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

Fidelity Michigan Municipal Income Fund .11% 
Fidelity Michigan Municipal Money Market Fund .16% 

During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.

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

 % of Average Net Assets 
Fidelity Michigan Municipal Income Fund .02 
Fidelity Michigan Municipal Money Market Fund .02 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Michigan Municipal Income Fund – – – 
Fidelity Michigan Municipal Money Market Fund 3,220,000 4,900,000 – 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Michigan Municipal Income Fund $588 

7. Expense Reductions.

The investment adviser voluntarily agreed to reimburse expenses of Michigan Municipal Money Market Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

Michigan Municipal Money Market Fund was in reimbursement during the period:

 Expense Limitations Reimbursement 
Fidelity Michigan Municipal Money Market Fund .55% $13,007 

Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $170,048.

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

 Custodian credits 
Fidelity Michigan Municipal Income Fund $4,978 
Fidelity Michigan Municipal Money Market Fund 60 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Michigan Municipal Income Fund $5,629 
Fidelity Michigan Municipal Money Market Fund 1,605 

8. Other.

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

9. Coronavirus (COVID-19) Pandemic.

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

10. Proposed Reorganization.

The Board of Trustees of Fidelity Michigan Municipal Money Market Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Michigan Municipal Money Market Fund and Fidelity Municipal Money Market Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Michigan Municipal Money Market Fund in exchange for shares of Fidelity Municipal Money Market Fund equal in value to the net assets of Fidelity Michigan Municipal Money Market Fund on the day the reorganization is effective.

A meeting of shareholders of Fidelity Michigan Municipal Money Market Fund is expected to be held during the fourth quarter of 2022 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on December 2, 2022. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
January 1, 2022 		Ending
Account Value
June 30, 2022 		Expenses Paid
During Period-B
January 1, 2022
to June 30, 2022 
Fidelity Michigan Municipal Income Fund .50%    
Actual  $1,000.00 $908.70 $2.37 
Hypothetical-C  $1,000.00 $1,022.32 $2.51 
Fidelity Michigan Municipal Money Market Fund .37%    
Actual  $1,000.00 $1,000.50 $1.84-D 
Hypothetical-C  $1,000.00 $1,022.96 $1.86-D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

 D If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in the table below.

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Michigan Municipal Money Market Fund .55%  
Actual  $2.73 
Hypothetical-(b)  $2.76 
   

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Liquidity Risk Management Program

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

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

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

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

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

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

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

MIR-SANN-0822
1.705626.124

Fidelity® Ohio Municipal Income Fund

Fidelity® Ohio Municipal Money Market Fund



Semi-Annual Report

June 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® Ohio Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Ohio Municipal Money Market Fund

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Ohio Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of June 30, 2022

 % of fund's net assets 
Health Care 30.9 
Education 20.1 
General Obligations 17.3 
Special Tax 9.8 
Transportation 4.7 

Quality Diversification (% of fund's net assets)

As of June 30, 2022 
   AAA 5.4% 
   AA,A 76.4% 
   BBB 7.3% 
   BB and Below 2.2% 
   Not Rated 4.9% 
   Short-Term Investments and Net Other Assets 3.8% 


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

Fidelity® Ohio Municipal Income Fund

Schedule of Investments June 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 96.2%   
 Principal Amount Value 
Guam - 0.2%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
6.25% 10/1/34 (a) $545,000 $564,152 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 355,000 373,450 
6.375% 10/1/43 (a) 355,000 367,368 
TOTAL GUAM  1,304,970 
Ohio - 95.4%   
Akron Bath Copley Hosp. District Rev.:   
(Summa Health Sys.) Series 2016, 5% 11/15/25 1,000,000 1,064,113 
Series 2016:   
5% 11/15/26 535,000 576,426 
5.25% 11/15/32 1,000,000 1,057,709 
5.25% 11/15/34 1,500,000 1,578,596 
5.25% 11/15/41 10,545,000 10,992,041 
5.25% 11/15/46 2,650,000 2,747,365 
Akron Income Tax Rev. Series 2022:   
4% 12/1/24 1,075,000 1,120,320 
4% 12/1/25 1,400,000 1,476,348 
4% 12/1/26 1,120,000 1,193,463 
4% 12/1/27 1,180,000 1,267,327 
4% 12/1/28 1,380,000 1,485,182 
4% 12/1/29 1,500,000 1,610,862 
4% 12/1/30 1,210,000 1,284,439 
4% 12/1/31 1,105,000 1,168,235 
4% 12/1/32 1,285,000 1,353,782 
4% 12/1/33 1,300,000 1,365,544 
Allen County Hosp. Facilities Rev.:   
(Mercy Health) Series 2017 A:   
4% 8/1/36 5,000,000 4,975,306 
5% 8/1/42 4,175,000 4,360,761 
Series 2020 A:   
4% 12/1/40 7,000,000 6,831,196 
5% 12/1/35 750,000 803,586 
American Muni. Pwr., Inc. Rev.:   
(Greenup Hydroelectric Proj.) Series 2016 A, 5% 2/15/41 3,005,000 3,175,603 
(Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 3,995,000 4,149,865 
Bowling Green Univ. Gen. Receipts Series 2016 A, 5% 6/1/42 1,000,000 1,054,814 
Buckeye Tobacco Settlement Fing. Auth.:   
Series 2020 A2:   
4% 6/1/37 2,000,000 1,957,884 
4% 6/1/38 1,000,000 974,410 
4% 6/1/39 1,000,000 968,495 
4% 6/1/48 5,750,000 5,230,684 
5% 6/1/27 1,000,000 1,070,388 
5% 6/1/35 2,000,000 2,139,880 
5% 6/1/36 2,000,000 2,136,507 
Series 2020 B2, 5% 6/1/55 1,500,000 1,412,444 
Butler County Hosp. Facilities Rev. Series 2016 X, 5% 5/15/32 3,950,000 4,556,907 
Chillicothe Hosp. Facilities Rev. (Adena Health Sys. Oblig. Group Proj.) Series 2017, 5% 12/1/47 8,535,000 8,808,226 
Cleveland Arpt. Sys. Rev.:   
Series 2018 A:   
5% 1/1/43 (Assured Guaranty Muni. Corp. Insured) (a) 1,750,000 1,823,272 
5% 1/1/48 (Assured Guaranty Muni. Corp. Insured) (a) 3,000,000 3,106,506 
Series 2019 B:   
5% 1/1/24 (a) 1,200,000 1,244,683 
5% 1/1/25 (a) 1,125,000 1,185,159 
5% 1/1/26 (a) 710,000 758,556 
5% 1/1/27 (a) 700,000 757,241 
Cleveland Gen. Oblig.:   
Series 2012, 5% 12/1/25 25,000 25,331 
Series 2015:   
5% 12/1/26 1,500,000 1,634,750 
5% 12/1/27 2,000,000 2,174,182 
5% 12/1/29 1,250,000 1,358,436 
Cleveland Income Tax Rev. Series 2018 A:   
5% 10/1/29 600,000 670,540 
5% 10/1/30 420,000 467,403 
5% 10/1/31 650,000 720,973 
5% 10/1/33 600,000 662,036 
5% 10/1/36 700,000 768,948 
5% 10/1/39 2,040,000 2,230,088 
5% 10/1/43 5,000,000 5,432,172 
Cleveland Muni. School District:   
Series 2013, 5% 12/1/24 1,255,000 1,272,799 
Series 2015 A:   
5% 12/1/24 3,725,000 3,823,741 
5% 12/1/27 1,750,000 1,791,291 
Cleveland Ohio Wtr. Poll. Ctl. Rev. Series 2016:   
5% 11/15/34 1,190,000 1,264,334 
5% 11/15/35 1,245,000 1,319,905 
5% 11/15/36 450,000 476,041 
Cleveland Pub. Library Facilities Series 2019 A:   
4% 12/1/33 425,000 449,299 
4% 12/1/34 370,000 389,099 
4% 12/1/35 620,000 646,682 
4% 12/1/36 1,400,000 1,448,314 
4% 12/1/37 1,115,000 1,143,996 
4% 12/1/38 650,000 657,025 
Cleveland Pub. Pwr. Sys. Rev.:   
Series 2018:   
5% 11/15/24 (Assured Guaranty Muni. Corp. Insured) 475,000 505,030 
5% 11/15/25 (Assured Guaranty Muni. Corp. Insured) 200,000 216,959 
5% 11/15/26 (Assured Guaranty Muni. Corp. Insured) 265,000 292,577 
5% 11/15/27 (Assured Guaranty Muni. Corp. Insured) 220,000 246,135 
5% 11/15/28 (Assured Guaranty Muni. Corp. Insured) 150,000 168,215 
5% 11/15/29 (Assured Guaranty Muni. Corp. Insured) 210,000 235,646 
5% 11/15/30 (Assured Guaranty Muni. Corp. Insured) 530,000 591,033 
5% 11/15/32 (Assured Guaranty Muni. Corp. Insured) 365,000 404,363 
5% 11/15/34 (Assured Guaranty Muni. Corp. Insured) 785,000 866,134 
5% 11/15/36 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,100,189 
5% 11/15/38 (Assured Guaranty Muni. Corp. Insured) 830,000 910,139 
Series 2020 A:   
4% 11/15/35 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,025,770 
4% 11/15/36 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,018,119 
4% 11/15/37 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,016,788 
Cleveland Wtr. Rev.:   
Series 2015 Y, 4% 1/1/28 650,000 664,754 
Series 2020:   
5% 1/1/29 1,100,000 1,252,938 
5% 1/1/30 2,000,000 2,303,925 
5% 1/1/31 2,250,000 2,578,956 
5% 1/1/32 1,000,000 1,138,106 
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 3,000,000 3,523,390 
Cleveland-Cuyahoga County Port Auth. Rev. (Euclid Avenue Dev. Corp. Proj.) Series 2022 A:   
5% 8/1/34 (b) 1,865,000 2,003,746 
5% 8/1/35 (b) 1,910,000 2,034,266 
5% 8/1/36 (b) 2,065,000 2,181,007 
5% 8/1/37 (b) 2,170,000 2,275,567 
Columbus City School District Series 2016 A, 5% 12/1/31 5,000,000 5,388,916 
Columbus Gen. Oblig. Series 2014 A, 4% 2/15/28 5,000,000 5,129,080 
County of Cuyahoga (Ballpark Impt. Proj.) Series 2022 A:   
4% 1/1/36 3,855,000 4,012,477 
4% 1/1/37 3,755,000 3,895,631 
Cuyahoga County Econ. Dev. Rev.:   
(The Cleveland Orchestra Proj.) Series 2019:   
5% 1/1/29 325,000 359,968 
5% 1/1/30 250,000 277,295 
5% 1/1/31 525,000 579,590 
5% 1/1/32 500,000 549,964 
5% 1/1/33 400,000 438,543 
5% 1/1/34 300,000 328,044 
5% 1/1/35 500,000 545,706 
5% 1/1/36 440,000 479,438 
5% 1/1/37 400,000 435,194 
5% 1/1/39 1,400,000 1,516,702 
5% 1/1/40 1,620,000 1,752,897 
Series 2020 D, 5% 12/1/27 2,500,000 2,810,581 
Cuyahoga County Hosp. Rev. Series 2017:   
5% 2/15/26 1,750,000 1,873,983 
5% 2/15/27 1,700,000 1,829,597 
5% 2/15/28 2,385,000 2,519,765 
5% 2/15/30 3,000,000 3,137,551 
5% 2/15/31 1,500,000 1,560,642 
5% 2/15/32 1,450,000 1,501,837 
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 5,000,000 5,027,636 
Franklin County Convention Facilities Auth. (Greater Columbus Convention Ctr. Hotel Expansion Proj.) Series 2019:   
5% 12/1/44 2,500,000 2,523,197 
5% 12/1/51 6,000,000 6,011,951 
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014:   
5% 12/1/25 1,250,000 1,330,011 
5% 12/1/26 3,045,000 3,232,544 
Franklin County Hosp. Facilities Rev.:   
(Ohiohealth Corp. Proj.) Series 2015, 5% 5/15/40 3,600,000 3,722,920 
Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 5%, tender 5/15/23 (c) 2,580,000 2,651,937 
Series 2016 C:   
4% 11/1/40 3,000,000 2,965,664 
5% 11/1/33 2,610,000 2,803,071 
5% 11/1/34 2,155,000 2,306,236 
Franklin County Ohio Sales Tax R Series 2018, 5% 6/1/48 5,920,000 6,415,918 
Franklin County Rev. (Trinity Health Proj.) Series 2017, 5% 12/1/47 720,000 752,576 
Hamilton County Convention Facilities Auth. Rev. Series 2014:   
5% 12/1/26 1,000,000 1,036,804 
5% 12/1/27 3,825,000 3,964,157 
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2016:   
5% 1/1/31 1,350,000 1,351,274 
5% 1/1/36 3,450,000 3,396,807 
Hamilton County Hosp. Facilities Rev. Series 2014, 5% 2/1/44 775,000 783,506 
Kent State Univ. Revs.:   
Series 2016, 5% 5/1/30 1,125,000 1,217,469 
Series 2020 A:   
5% 5/1/45 1,250,000 1,353,367 
5% 5/1/50 1,700,000 1,831,460 
Lake County Hosp. Facilities Rev. Series 2015, 5% 8/15/27 (Pre-Refunded to 8/15/25 @ 100) 770,000 831,620 
Lakewood City School District Series 2014 C, 5% 12/1/25 1,300,000 1,389,524 
Lancaster Port Auth. Gas Rev.:   
Bonds Series 2019, 5%, tender 2/1/25 (c) 6,235,000 6,539,389 
Series 2019, 5% 8/1/24 655,000 683,859 
Miami County Hosp. Facilities Rev. (Kettering Health Network Obligated Group Proj.) Series 2019:   
5% 8/1/45 5,500,000 5,748,884 
5% 8/1/49 1,750,000 1,823,118 
Miami Univ. Series 2022 A:   
5% 9/1/25 780,000 841,320 
5% 9/1/26 820,000 900,364 
5% 9/1/27 575,000 641,440 
5% 9/1/28 520,000 585,063 
5% 9/1/29 545,000 619,892 
5% 9/1/30 500,000 573,902 
5% 9/1/31 700,000 809,851 
5% 9/1/32 735,000 844,356 
5% 9/1/33 780,000 892,608 
5% 9/1/34 1,000,000 1,141,553 
Miamisburg City School District Series 2016:   
5% 12/1/28 (Pre-Refunded to 12/1/25 @ 100) 500,000 546,465 
5% 12/1/29 (Pre-Refunded to 12/1/25 @ 100) 300,000 327,879 
Milford Exempt Village School District Series 2015:   
3.5% 12/1/31 500,000 503,352 
5% 12/1/28 1,400,000 1,497,554 
Montgomery County Hosp. Rev. (Kettering Health Network Obligated Group Proj.) Series 2021:   
4% 8/1/37 1,125,000 1,109,123 
4% 8/1/41 850,000 822,912 
4% 8/1/51 2,000,000 1,867,326 
5% 8/1/32 750,000 816,203 
5% 8/1/36 1,225,000 1,319,932 
5% 8/1/38 1,000,000 1,072,647 
5% 8/1/39 1,100,000 1,177,618 
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013:   
5% 2/15/44 4,005,000 3,932,828 
5% 2/15/48 3,495,000 3,386,509 
Ohio Cap. Facilities Lease (Ohio Gen. Oblig. Proj.) Series 2017 A:   
5% 10/1/32 1,625,000 1,788,645 
5% 10/1/33 1,500,000 1,640,374 
5% 10/1/35 1,450,000 1,581,293 
5% 10/1/36 1,250,000 1,361,291 
5% 10/1/37 1,430,000 1,555,156 
Ohio Gen. Oblig.:   
Series 2016 A, 5% 2/1/31 4,255,000 4,602,222 
Series 2021 A:   
5% 3/1/40 1,345,000 1,524,476 
5% 3/1/41 2,000,000 2,262,258 
Ohio Higher Edl. Facility Commission Rev.:   
(Case Western Reserve Univ. Proj.):   
Series 2016, 5% 12/1/40 2,000,000 2,145,847 
Series 2019 B:   
5% 12/1/37 835,000 921,995 
5% 12/1/38 1,100,000 1,212,023 
5% 12/1/39 775,000 852,446 
(Denison Univ. 2015 Proj.) Series 2015:   
5% 11/1/28 1,465,000 1,566,771 
5% 11/1/29 1,325,000 1,412,934 
5% 11/1/30 2,285,000 2,432,145 
(Denison Univ. 2021 Proj.) Series 2021:   
4% 11/1/39 400,000 392,700 
4% 11/1/45 1,900,000 1,824,966 
5% 11/1/30 300,000 342,487 
5% 11/1/33 300,000 338,113 
5% 11/1/35 300,000 336,628 
5% 11/1/41 300,000 332,561 
(Denison Univ., Proj.) Series 2017 B, 5% 11/1/26 1,505,000 1,651,427 
(Kenyon College 2015 Proj.) Series 2015, 5% 7/1/41 3,100,000 3,177,260 
(Kenyon College 2020 Proj.) Series 2020:   
5% 7/1/38 2,500,000 2,665,888 
5% 7/1/39 2,640,000 2,810,015 
(Kenyon College, Oh. Proj.) Series 2017:   
4% 7/1/36 400,000 386,118 
4% 7/1/37 450,000 426,909 
5% 7/1/28 400,000 428,958 
5% 7/1/29 735,000 783,083 
5% 7/1/30 300,000 318,378 
5% 7/1/31 400,000 422,457 
5% 7/1/33 650,000 683,189 
5% 7/1/35 1,550,000 1,624,573 
5% 7/1/42 1,400,000 1,453,882 
(Otterbein Univ. 2022 Proj.) Series 2022 A, 4% 12/1/46 1,250,000 1,139,742 
(The College of Wooster 2018 Proj.) Series 2018:   
5% 9/1/33 1,445,000 1,584,962 
5% 9/1/45 4,255,000 4,576,529 
(Univ. of Dayton 2018 Proj.) Series A, 5% 12/1/48 1,000,000 1,048,308 
(Univ. of Dayton 2020 Proj.) Series 2020:   
4% 2/1/36 900,000 878,494 
5% 2/1/34 1,000,000 1,086,222 
5% 2/1/35 800,000 867,238 
(Univ. of Dayton Proj.):   
Series 2013:   
5% 12/1/24 585,000 593,153 
5% 12/1/25 1,000,000 1,013,936 
5% 12/1/26 1,195,000 1,211,654 
5% 12/1/27 2,300,000 2,332,053 
Series 2018 B:   
4% 12/1/33 1,155,000 1,153,003 
5% 12/1/25 1,065,000 1,136,479 
5% 12/1/27 1,000,000 1,087,826 
5% 12/1/29 1,310,000 1,419,491 
5% 12/1/31 1,130,000 1,214,824 
5% 12/1/35 1,000,000 1,066,241 
5% 12/1/36 1,000,000 1,064,696 
(Xavier Univ. Proj.) Series 2015 C:   
5% 5/1/26 1,000,000 1,057,304 
5% 5/1/28 1,000,000 1,051,313 
5% 5/1/29 855,000 897,768 
5% 5/1/31 1,005,000 1,050,807 
Bonds (Case Western Reserve Univ. Proj.) Series 2019 C, 1.625%, tender 12/1/26 (c) 5,000,000 4,802,124 
Series 2019, 4% 10/1/49 3,270,000 2,896,235 
Ohio Hosp. Facilities Rev.:   
Series 2017 A, 5% 1/1/32 2,000,000 2,205,034 
Series 2019 B, 4% 1/1/40 3,000,000 2,981,688 
Series 2021 B:   
5% 1/1/30 2,500,000 2,867,150 
5% 1/1/31 2,180,000 2,515,099 
5% 1/1/32 1,580,000 1,831,841 
5% 1/1/33 2,410,000 2,725,253 
5% 1/1/34 2,425,000 2,732,917 
5% 1/1/35 230,000 258,572 
5% 1/1/36 540,000 605,803 
5% 1/1/37 250,000 279,489 
5% 1/1/38 855,000 951,178 
5% 1/1/39 925,000 1,023,734 
Ohio Hosp. Rev.:   
Series 2013 A, 5% 1/15/28 720,000 729,704 
Series 2016 A, 5% 1/15/41 5,000,000 5,188,724 
Series 2020 A, 4% 1/15/50 1,000,000 932,719 
Series 2020:   
4% 11/15/37 1,025,000 958,430 
4% 11/15/39 1,115,000 1,037,406 
4% 11/15/41 1,175,000 1,080,850 
5% 11/15/33 1,270,000 1,355,038 
5% 11/15/35 1,465,000 1,556,630 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:   
(Mtg. Backed Securities Prog.):   
Series 2017 B, 4.5% 3/1/47 (a) 380,000 389,009 
Series 2019 B, 4.5% 3/1/50 5,095,000 5,234,830 
(Mtg.-Backed Securities Prog.) Series 2022 A:   
5% 3/1/30 400,000 451,242 
5% 3/1/31 600,000 681,931 
5% 9/1/31 640,000 729,992 
Series 2021 C, 3.25% 3/1/51 7,990,000 7,866,583 
Series 2022 B, 5% 3/1/52 3,000,000 3,177,368 
Ohio Parks & Recreation Cap. Facilities (Parks and Recreation Impt. Fund Proj.) Series 2022 A:   
5% 12/1/27 1,325,000 1,493,177 
5% 12/1/28 1,325,000 1,511,822 
5% 12/1/29 1,500,000 1,731,858 
5% 12/1/30 1,600,000 1,866,565 
5% 12/1/31 1,000,000 1,175,548 
Ohio Spl. Oblig.:   
(Administrative Bldg. Fund Projs.) Series 2020 B, 5% 4/1/39 1,865,000 2,074,721 
(Ohio Gen. Oblig. Proj.) Series 2017 A:   
5% 4/1/29 2,535,000 2,812,035 
5% 4/1/30 2,250,000 2,481,080 
5% 4/1/31 2,000,000 2,196,057 
5% 4/1/32 1,115,000 1,218,600 
5% 4/1/33 1,850,000 2,009,075 
5% 4/1/34 1,000,000 1,084,607 
5% 4/1/35 2,395,000 2,594,335 
Series 2020 A:   
5% 2/1/29 2,875,000 3,287,336 
5% 2/1/30 1,045,000 1,208,670 
Series 2021 A:   
5% 4/1/34 1,430,000 1,637,722 
5% 4/1/35 1,660,000 1,896,887 
5% 4/1/37 1,680,000 1,905,239 
5% 4/1/38 1,000,000 1,127,244 
5% 4/1/39 1,000,000 1,124,997 
5% 4/1/40 1,110,000 1,241,548 
5% 4/1/41 750,000 837,309 
Ohio State Univ. Gen. Receipts Series 2013 A:   
5% 6/1/28 2,000,000 2,046,464 
5% 6/1/38 3,500,000 3,561,070 
Ohio Tpk. Commission Tpk. Rev.:   
(Infrastructure Proj.) Series 2005 A, 0% 2/15/43 10,000,000 3,978,734 
(Infrastructure Projs.):   
Series 2022 A, 5% 2/15/39 (b) 5,730,000 6,386,761 
Series A3, 0% 2/15/37 400,000 159,876 
Series A, 5% 2/15/46 7,500,000 8,309,141 
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 1,025,000 1,087,843 
Olentangy Local School District Series 2016, 5% 12/1/32 1,275,000 1,372,589 
Port Auth. Econ. Dev. Rev.:   
(Univ. of Northwestern Ohio Proj.) Series 2021, 4% 12/1/35 1,300,000 1,215,265 
Series 2021, 4% 12/1/31 710,000 693,752 
Reynoldsburg City School District Series 2015, 4% 12/1/30 2,375,000 2,465,078 
Ross County Hosp. Facilities Rev. (Adena Health Sys. Obligated Group Proj.) Series 2019, 5% 12/1/49 2,000,000 2,081,168 
Scioto County Hosp. Facilities Rev. Series 2016:   
5% 2/15/24 1,000,000 1,046,045 
5% 2/15/28 5,030,000 5,314,061 
5% 2/15/30 3,860,000 4,038,274 
5% 2/15/32 2,550,000 2,650,557 
5% 2/15/33 2,460,000 2,550,709 
5% 2/15/34 4,450,000 4,607,784 
Univ. of Akron Gen. Receipts Series 2016 A:   
5% 1/1/25 1,025,000 1,086,158 
5% 1/1/33 5,000,000 5,379,473 
Univ. of Cincinnati Gen. Receipts:   
Series 2012 C, 4% 6/1/28 10,000 10,048 
Series 2016 A:   
5% 6/1/32 745,000 797,824 
5% 6/1/33 800,000 853,684 
5% 6/1/34 585,000 622,264 
Series 2016 C, 5% 6/1/41 2,585,000 2,726,350 
Univ. of Toledo Gen. Receipts Series 2018 A:   
5% 6/1/26 600,000 647,591 
5% 6/1/27 350,000 382,536 
Village of Bluffton Hosp. Facilities Blanchard Valley Reg Health Ctr. Series 2017:   
4% 12/1/32 1,500,000 1,508,468 
5% 12/1/25 1,500,000 1,609,239 
5% 12/1/26 1,890,000 2,049,656 
5% 12/1/27 1,340,000 1,462,550 
5% 12/1/28 1,400,000 1,519,356 
5% 12/1/29 825,000 889,480 
5% 12/1/30 1,700,000 1,821,536 
5% 12/1/31 750,000 799,317 
Wood County Hosp. Facilities Rev. (Wood County Hosp. Proj.) Series 2012, 5% 12/1/32 (Pre-Refunded to 12/1/22 @ 100) 105,000 106,528 
Wright State Univ. Gen. Receipts:   
Series 2021 A, 5% 5/1/26 (Build America Mutual Assurance Insured) 1,100,000 1,199,607 
Series 2022 A:   
5% 5/1/24 (Build America Mutual Assurance Insured) 540,000 568,010 
5% 5/1/25 (Build America Mutual Assurance Insured) 490,000 525,148 
5% 5/1/26 (Build America Mutual Assurance Insured) 520,000 567,087 
5% 5/1/27 (Build America Mutual Assurance Insured) 545,000 602,768 
5% 5/1/28 (Build America Mutual Assurance Insured) 565,000 632,107 
5% 5/1/29 (Build America Mutual Assurance Insured) 600,000 677,752 
5% 5/1/30 (Build America Mutual Assurance Insured) 235,000 266,648 
5% 5/1/31 (Build America Mutual Assurance Insured) 250,000 286,538 
5% 5/1/32 (Build America Mutual Assurance Insured) 260,000 300,339 
TOTAL OHIO  550,872,008 
Puerto Rico - 0.6%   
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1:   
0% 7/1/33 1,634,241 917,928 
5.625% 7/1/27 190,000 202,115 
5.625% 7/1/29 590,000 633,517 
5.75% 7/1/31 1,395,000 1,523,430 
TOTAL PUERTO RICO  3,276,990 
TOTAL MUNICIPAL BONDS   
(Cost $582,022,853)  555,453,968 
TOTAL INVESTMENT IN SECURITIES - 96.2%   
(Cost $582,022,853)  555,453,968 
NET OTHER ASSETS (LIABILITIES) - 3.8%  21,893,731 
NET ASSETS - 100%  $577,347,699 

Legend

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $555,453,968 $-- $555,453,968 $-- 
Total Investments in Securities: $555,453,968 $-- $555,453,968 $-- 

Other Information

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

Health Care 30.9% 
Education 20.1% 
General Obligations 17.3% 
Special Tax 9.8% 
Other * 5.2% 
Others (Individually Less Than 5%) 16.7% 
 100.0% 

* Includes net other assets

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


Fidelity® Ohio Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $582,022,853) 		 $555,453,968 
Cash  31,955,134 
Receivable for fund shares sold  184,913 
Interest receivable  6,073,144 
Other receivables  1,359 
Total assets  593,668,518 
Liabilities   
Payable for investments purchased on a delayed delivery basis $15,433,022  
Payable for fund shares redeemed 278,039  
Distributions payable 355,044  
Accrued management fee 167,611  
Other affiliated payables 63,688  
Other payables and accrued expenses 23,415  
Total liabilities  16,320,819 
Net Assets  $577,347,699 
Net Assets consist of:   
Paid in capital  $605,096,528 
Total accumulated earnings (loss)  (27,748,829) 
Net Assets  $577,347,699 
Net Asset Value, offering price and redemption price per share ($577,347,699 ÷ 51,454,223 shares)  $11.22 

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


Statement of Operations

  Six months ended June 30, 2022 (Unaudited) 
Investment Income   
Interest  $8,203,339 
Expenses   
Management fee $1,104,206  
Transfer agent fees 333,277  
Accounting fees and expenses 75,344  
Custodian fees and expenses 4,902  
Independent trustees' fees and expenses 997  
Registration fees 17,820  
Audit 24,488  
Legal 310  
Miscellaneous 1,295  
Total expenses before reductions 1,562,639  
Expense reductions (10,407)  
Total expenses after reductions  1,552,232 
Net investment income (loss)  6,651,107 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  (1,266,434) 
Total net realized gain (loss)  (1,266,434) 
Change in net unrealized appreciation (depreciation) on investment securities  (67,082,010) 
Net gain (loss)  (68,348,444) 
Net increase (decrease) in net assets resulting from operations  $(61,697,337) 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2022 (Unaudited) Year ended December 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,651,107 $14,475,478 
Net realized gain (loss) (1,266,434) 253,604 
Change in net unrealized appreciation (depreciation) (67,082,010) (3,814,007) 
Net increase (decrease) in net assets resulting from operations (61,697,337) 10,915,075 
Distributions to shareholders (6,649,886) (14,819,628) 
Share transactions   
Proceeds from sales of shares 94,845,439 107,404,517 
Reinvestment of distributions 4,288,765 9,334,614 
Cost of shares redeemed (170,685,053) (97,656,138) 
Net increase (decrease) in net assets resulting from share transactions (71,550,849) 19,082,993 
Total increase (decrease) in net assets (139,898,072) 15,178,440 
Net Assets   
Beginning of period 717,245,771 702,067,331 
End of period $577,347,699 $717,245,771 
Other Information   
Shares   
Sold 8,207,189 8,586,036 
Issued in reinvestment of distributions 368,950 747,188 
Redeemed (14,678,401) (7,810,213) 
Net increase (decrease) (6,102,262) 1,523,011 

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


Financial Highlights

Fidelity Ohio Municipal Income Fund

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $12.46 $12.53 $12.38 $11.89 $12.20 $11.91 
Income from Investment Operations       
Net investment income (loss)A,B .123 .253 .287 .319 .321 .330 
Net realized and unrealized gain (loss) (1.240) (.064) .235 .515 (.279) .377 
Total from investment operations (1.117) .189 .522 .834 .042 .707 
Distributions from net investment income (.123) (.253) (.287) (.319) (.321) (.330) 
Distributions from net realized gain – (.006) (.085) (.025) (.031) (.087) 
Total distributions (.123) (.259) (.372) (.344) (.352) (.417) 
Net asset value, end of period $11.22 $12.46 $12.53 $12.38 $11.89 $12.20 
Total ReturnC,D (9.00)% 1.52% 4.28% 7.08% .39% 6.03% 
Ratios to Average Net AssetsB,E,F       
Expenses before reductions .50%G .48% .48% .48% .48% .48% 
Expenses net of fee waivers, if any .49%G .48% .48% .48% .48% .48% 
Expenses net of all reductions .49%G .48% .48% .48% .48% .48% 
Net investment income (loss) 2.11%G 2.02% 2.31% 2.60% 2.70% 2.73% 
Supplemental Data       
Net assets, end of period (000 omitted) $577,348 $717,246 $702,067 $672,948 $616,306 $677,359 
Portfolio turnover rateH 18%G 6% 20% 10% 11% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity® Ohio Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of June 30, 2022

Days % of fund's investments 6/30/22 
1 - 7 85.7 
31 - 60 9.9 
61 - 90 0.3 
91 - 180 3.5 
> 180 0.6 

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

Asset Allocation (% of fund's net assets)

As of June 30, 2022 
   Variable Rate Demand Notes (VRDNs) 37.3% 
   Tender Option Bond 44.3% 
   Other Municipal Security 6.2% 
   Investment Companies 12.5% 
 Net Other Assets (Liabilities)* (0.3)% 


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

Current 7-Day Yields

 6/30/22 
Fidelity® Ohio Municipal Money Market Fund 0.45% 

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

Fidelity® Ohio Municipal Money Market Fund

Schedule of Investments June 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 37.3%   
 Principal Amount Value 
Alabama - 0.8%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.19% 7/7/22, VRDN (a)(b) $1,260,000 $1,260,000 
West Jefferson Indl. Dev. Series 2008, 1.1% 7/7/22, VRDN (b) 200,000 200,000 
  1,460,000 
Arkansas - 0.6%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.07% 7/7/22, VRDN (a)(b) 1,100,000 1,100,000 
Kansas - 0.6%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 1.05% 7/7/22, VRDN (b) 300,000 300,000 
Series 2007 B, 1.05% 7/7/22, VRDN (b) 100,000 100,000 
St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 1% 7/7/22, VRDN (b) 700,000 700,000 
  1,100,000 
Louisiana - 0.2%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 1.1% 7/7/22, VRDN (b) 300,000 300,000 
Nebraska - 0.4%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.19% 7/7/22, VRDN (a)(b) 700,000 700,000 
North Carolina - 0.1%   
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.07% 7/7/22, VRDN (a)(b) 200,000 200,000 
Ohio - 33.4%   
Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) Series 2014, 0.95% 7/7/22, LOC Northern Trust Co., VRDN (b) 11,735,000 11,735,000 
Franklin County Hosp. Facilities Rev.:   
Series 2009 B, 0.88% 7/7/22 (Liquidity Facility Barclays Bank PLC), VRDN (b) 2,400,000 2,400,000 
Series 2011 D, 0.85% 7/7/22, VRDN (b) 2,900,000 2,900,000 
Series 2013 B, 0.91% 7/7/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) 3,000,000 3,000,000 
Series 2014, 0.91% 7/7/22 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) 5,525,000 5,525,000 
Hamilton County Healthcare Facilities Rev. (The Children's Home of Cincinnati Proj.) Series 2009, 1.03% 7/7/22, LOC U.S. Bank NA, Cincinnati, VRDN (b) 2,435,000 2,435,000 
Hamilton County Hosp. Facilities Rev. Series 2018 Z, 0.89% 7/7/22, VRDN (b) 5,200,000 5,200,000 
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.95% 7/7/22, LOC Citizens Bank NA, VRDN (b) 12,970,000 12,970,000 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2016 H, 0.94% 7/7/22 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) 6,700,000 6,700,000 
Ohio Spl. Oblig. Series 2016 B, 0.9% 7/7/22, VRDN (b) 6,000,000 6,000,000 
  58,865,000 
West Virginia - 1.2%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 1.02% 7/7/22, VRDN (a)(b) 100,000 100,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1% 7/7/22, VRDN (a)(b) 2,000,000 2,000,000 
  2,100,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $65,825,000)  65,825,000 
Tender Option Bond - 44.3%   
Colorado - 0.0%   
Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Connecticut - 0.3%   
Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 400,000 400,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 200,000 200,000 
  600,000 
Florida - 0.2%   
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) 100,000 100,000 
Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 1.11%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  300,000 
Kentucky - 0.2%   
CommonSpirit Health Participating VRDN Series MIZ 90 21, 1.01% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) 200,000 200,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  300,000 
Ohio - 43.2%   
Allen County Hosp. Facilities Rev. Participating VRDN:   
Series Floaters E 134, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 2,830,000 2,830,000 
Series Floaters XF 25 16, 1% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 3,600,000 3,600,000 
CommonSpirit Health Participating VRDN Series MIZ 90 20, 1.01% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) 2,100,000 2,100,000 
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.01% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 4,100,000 4,100,000 
Euclid City School District Participating VRDN Series G-39, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 2,100,000 2,100,000 
Franklin County Hosp. Facilities Rev. Participating VRDN Series 15 XF0244, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 2,670,000 2,670,000 
Miami County Hosp. Facilities Rev. Participating VRDN Series Floaters XG 02 25, 0.95% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 6,000,000 6,000,000 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 7,900,000 7,900,000 
Montgomery County Hosp. Rev. Participating VRDN:   
Series Floaters E 132, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 6,800,000 6,800,000 
Series XX 11 33, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 865,000 865,000 
Northeast Ohio Reg'l. Swr. District Wastewtr. Rev. Participating VRDN:   
Series Floaters XF 07 18, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 3,750,000 3,750,000 
Series Floaters ZF 06 70, 0.94% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 3,100,000 3,100,000 
Ohio Gen. Oblig. Participating VRDN Series Floaters XF 25 91, 0.94% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 2,000,000 2,000,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series XG 00 69, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) 3,750,000 3,750,000 
Ohio Hosp. Rev. Participating VRDN:   
Series 002, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) 3,300,000 3,300,000 
Series 2021 XG 03 39, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(c)(e) 1,250,000 1,250,000 
Series C18, 0.95% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) 1,800,000 1,800,000 
Series XF 09 67, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) 2,100,000 2,100,000 
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Participating VRDN Series Floaters XF 27 83, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) 2,075,000 2,075,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 2,000,000 2,000,000 
Univ. of Cincinnati Gen. Receipts Participating VRDN:   
Series Floaters XF 24 38, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) 4,000,000 4,000,000 
Series Floaters ZM 06 46, 0.94% 7/7/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) 4,200,000 4,200,000 
Upper Arlington City School District Participating VRDN Series Floaters XF 25 92, 0.96% 7/7/22 (Liquidity Facility Citibank NA) (b)(c)(e) 4,000,000 4,000,000 
  76,290,000 
South Carolina - 0.0%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
Tennessee - 0.1%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) 100,000 100,000 
Virginia - 0.3%   
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(c)(e) 390,000 390,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 100,000 100,000 
  490,000 
TOTAL TENDER OPTION BOND   
(Cost $78,280,000)  78,280,000 
Other Municipal Security - 6.2%   
Ohio - 6.2%   
Allen County Hosp. Facilities Rev. Bonds Series 2017 A, 5% 8/1/22 1,600,000 1,605,403 
American Muni. Pwr. BAN:   
(Village of Carey Proj.) Series 2021, 1.25% 11/30/22 (Ohio Gen. Oblig. Guaranteed) 1,305,000 1,310,215 
(Village of Pioneer Proj.) Series 2021, 1.25% 12/1/22 (Ohio Gen. Oblig. Guaranteed) 1,315,000 1,320,290 
Series 2021, 1% 8/11/22 (Ohio Gen. Oblig. Guaranteed) 1,220,000 1,221,136 
County of Cuyahoga Bonds (Ballpark Impt. Proj.) Series 2022 A, 4% 1/1/23 1,000,000 1,011,913 
Middleburg Heights Hosp. Rev. Bonds Series 2012 A, 5% 8/1/22 (Pre-Refunded to 8/1/22 @ 100) 1,500,000 1,504,548 
Ohio Higher Edl. Facility Commission Rev. Bonds Series 2022 B6, 1.15% tender 8/8/22, CP mode 1,500,000 1,500,000 
Toledo City School District Bonds Series 2022, 2% 12/1/22 1,000,000 1,004,929 
Union Township Clermont County Gen. Oblig. BAN Series 2021, 0.5% 8/31/22 (Ohio Gen. Oblig. Guaranteed) 480,000 480,224 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $10,958,658)  10,958,658 
 Shares Value 
Investment Company - 12.5%   
Fidelity Municipal Cash Central Fund 0.88% (f)(g)   
(Cost $22,059,049) 22,055,111 22,059,049 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $177,122,707)  177,122,707 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (596,048) 
NET ASSETS - 100%  $176,526,659 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

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

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

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

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

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

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,800,000 or 1.6% of net assets.

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $200,000 
Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $2,000,000 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 1.11%, tender 7/7/22 (Liquidity Facility Royal Bank of Canada) 7/1/21 $100,000 
Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 1.11%, tender 2/1/23 (Liquidity Facility Royal Bank of Canada) 2/1/21 $100,000 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Municipal Cash Central Fund 0.88% $15,525,793 $60,297,999 $53,765,000 $36,146 $257 $-- $22,059,049 1.5% 
Total $15,525,793 $60,297,999 $53,765,000 $36,146 $257 $-- $22,059,049  

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

Investment Valuation

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

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


Fidelity® Ohio Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $155,063,658) 		$155,063,658  
Fidelity Central Funds (cost $22,059,049) 22,059,049  
Total Investment in Securities (cost $177,122,707)  $177,122,707 
Receivable for fund shares sold  15,651 
Interest receivable  284,306 
Distributions receivable from Fidelity Central Funds  12,434 
Total assets  177,435,098 
Liabilities   
Payable to custodian bank $469,495  
Payable for fund shares redeemed 345,442  
Distributions payable 2,360  
Accrued management fee 51,846  
Other affiliated payables 22,731  
Other payables and accrued expenses 16,565  
Total liabilities  908,439 
Net Assets  $176,526,659 
Net Assets consist of:   
Paid in capital  $176,542,600 
Total accumulated earnings (loss)  (15,941) 
Net Assets  $176,526,659 
Net Asset Value, offering price and redemption price per share ($176,526,659 ÷ 176,219,555 shares)  $1.00 

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


Statement of Operations

  Six months ended June 30, 2022 (Unaudited) 
Investment Income   
Interest  $384,906 
Income from Fidelity Central Funds  36,146 
Total income  421,052 
Expenses   
Management fee $315,868  
Transfer agent fees 125,128  
Accounting fees and expenses 14,186  
Custodian fees and expenses 1,210  
Independent trustees' fees and expenses 276  
Registration fees 16,821  
Audit 17,615  
Legal 82  
Miscellaneous 197  
Total expenses before reductions 491,383  
Expense reductions (156,228)  
Total expenses after reductions  335,155 
Net investment income (loss)  85,897 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (16,030)  
Fidelity Central Funds 257  
Total net realized gain (loss)  (15,773) 
Net increase in net assets resulting from operations  $70,124 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2022 (Unaudited) Year ended December 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $85,897 $19,729 
Net realized gain (loss) (15,773) 37,277 
Net increase in net assets resulting from operations 70,124 57,006 
Distributions to shareholders (85,857) (28,814) 
Share transactions   
Proceeds from sales of shares 14,850,494 11,480,697 
Reinvestment of distributions 81,579 27,621 
Cost of shares redeemed (23,045,877) (36,694,265) 
Net increase (decrease) in net assets and shares resulting from share transactions (8,113,804) (25,185,947) 
Total increase (decrease) in net assets (8,129,537) (25,157,755) 
Net Assets   
Beginning of period 184,656,196 209,813,951 
End of period $176,526,659 $184,656,196 
Other Information   
Shares   
Sold 14,850,494 11,480,697 
Issued in reinvestment of distributions 81,579 27,621 
Redeemed (23,045,877) (36,694,265) 
Net increase (decrease) (8,113,804) (25,185,947) 

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


Financial Highlights

Fidelity Ohio Municipal Money Market Fund

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss)A –B –B .003 .011 .010 .004 
Net realized and unrealized gain (loss) –B –B – .001 –B –B 
Total from investment operations –B –B .003 .012 .010 .004 
Distributions from net investment income –B –B (.003) (.011) (.010) (.004) 
Distributions from net realized gain – –B – (.001) – –B 
Total distributions –B –B (.003) (.012) (.010) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC,D .05% .02% .32% 1.16% .98% .42% 
Ratios to Average Net AssetsA,E,F       
Expenses before reductions .54%G .53% .53% .53% .53% .53% 
Expenses net of fee waivers, if any .37%G .10% .38% .53% .53% .52% 
Expenses net of all reductions .37%G .10% .38% .53% .53% .52% 
Net investment income (loss) .10%G .01% .33% 1.08% .96% .40% 
Supplemental Data       
Net assets, end of period (000 omitted) $176,527 $184,656 $209,814 $239,940 $298,736 $419,110 

 A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 B Amount represents less than $.0005 per share.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

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


Notes to Financial Statements (Unaudited)

For the period ended June 30, 2022

1. Organization.

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

Effective after the close of business on July 15, 2022, Fidelity Ohio Municipal Money Market Fund was closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

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

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

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to market discount and capital loss carryforwards.

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Ohio Municipal Income Fund $582,017,797 $2,764,068 $(29,327,897) $(26,563,829) 
Fidelity Ohio Municipal Money Market Fund 177,122,707 – – – 

Certain of the Funds elected to defer to the next fiscal year capital currency losses recognized during the period November 1, 2021 to December 31, 2021. Loss deferrals were as follows:

 Capital losses 
Fidelity Ohio Municipal Income Fund $(4,987) 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Ohio Municipal Income Fund 55,980,087 140,952,686 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Fidelity Ohio Municipal Income Fund .25% .10% .35% 
Fidelity Ohio Municipal Money Market Fund .25% .10% .35% 

During the period, the investment adviser or its affiliates waived a portion of these fees.

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

Fidelity Ohio Municipal Income Fund .11% 
Fidelity Ohio Municipal Money Market Fund .14% 

During the period, the investment adviser or its affiliates waived a portion of these fees.

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

 % of Average Net Assets 
Fidelity Ohio Municipal Income Fund .02 
Fidelity Ohio Municipal Money Market Fund .02 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Ohio Municipal Income Fund – – – 
Fidelity Ohio Municipal Money Market Fund 9,380,000 – – 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Ohio Municipal Income Fund $578 

7. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $154,753.

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

 Custodian credits 
Fidelity Ohio Municipal Income Fund $4,902 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Ohio Municipal Income Fund $5,505 
Fidelity Ohio Municipal Money Market Fund 1,475 

8. Other.

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

9. Coronavirus (COVID-19) Pandemic.

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

10. Proposed Reorganization.

The Board of Trustees of Fidelity Ohio Municipal Money Market Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Ohio Municipal Money Market Fund and Fidelity Municipal Money Market Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Ohio Municipal Money Market Fund in exchange for shares of Fidelity Municipal Money Market Fund equal in value to the net assets of Fidelity Ohio Municipal Money Market Fund on the day the reorganization is effective.

A meeting of shareholders of Fidelity Ohio Municipal Money Market Fund is expected to be held during the fourth quarter of 2022 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on December 2, 2022. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
January 1, 2022 		Ending
Account Value
June 30, 2022 		Expenses Paid
During Period-B
January 1, 2022
to June 30, 2022 
Fidelity Ohio Municipal Income Fund .49%    
Actual  $1,000.00 $910.00 $2.32 
Hypothetical-C  $1,000.00 $1,022.36 $2.46 
Fidelity Ohio Municipal Money Market Fund .37%    
Actual  $1,000.00 $1,000.50 $1.84-D 
Hypothetical-C  $1,000.00 $1,022.96 $1.86-D 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

 D If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Ohio Municipal Money Market Fund .54%  
Actual  $2.68 
Hypothetical-(b)  $2.71 
   

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Liquidity Risk Management Program

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

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

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

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

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

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

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

OFF-SANN-0822
1.705575.124

Fidelity® Pennsylvania Municipal Income Fund

Fidelity® Pennsylvania Municipal Money Market Fund



Semi-Annual Report

June 30, 2022

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® Pennsylvania Municipal Income Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Pennsylvania Municipal Money Market Fund

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Fidelity® Pennsylvania Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of June 30, 2022

 % of fund's net assets 
Health Care 25.9 
Transportation 20.8 
Education 18.1 
General Obligations 11.6 
Water & Sewer 7.1 

Quality Diversification (% of fund's net assets)

As of June 30, 2022 
   AA,A 77.8% 
   BBB 8.2% 
   BB and Below 4.9% 
   Not Rated 2.7% 
   Short-Term Investments and Net Other Assets 6.4% 


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

Fidelity® Pennsylvania Municipal Income Fund

Schedule of Investments June 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 93.6%   
 Principal Amount Value 
Guam - 0.1%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
6.25% 10/1/34 (a) $425,000 $439,935 
6.25% 10/1/34 (Pre-Refunded to 10/1/23 @ 100) (a) 275,000 289,292 
TOTAL GUAM  729,227 
Pennsylvania - 91.8%   
Allegheny County Series C:   
5% 12/1/28 1,000,000 1,066,190 
5% 12/1/30 1,365,000 1,455,019 
Allegheny County Arpt. Auth. Rev. Series 2021 A, 5% 1/1/51 (a) 12,000,000 12,490,922 
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev.:   
Series 2017, 5% 10/15/47 1,660,000 1,620,629 
Series 2018:   
5% 3/1/33 1,570,000 1,686,781 
5% 3/1/34 2,250,000 2,412,508 
Series 2022 A:   
5% 3/1/24 (b) 500,000 514,893 
5% 3/1/25 (b) 500,000 523,979 
5% 3/1/27 (b) 1,740,000 1,872,015 
5% 3/1/31 (b) 1,105,000 1,218,481 
5% 3/1/34 (b) 645,000 709,351 
Allegheny County Indl. Dev. Auth. Rev. Series 2021, 4.25% 12/1/50 3,000,000 2,157,334 
Allegheny County Sanitation Auth. Swr. Rev. Series 2018, 5% 6/1/43 4,785,000 5,174,913 
Bucks County Indl. Dev. Auth. Hosp. Rev. Series 2021:   
5% 7/1/41 2,500,000 2,441,508 
5% 7/1/54 4,500,000 4,234,216 
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2015 A:   
5% 7/1/26 500,000 527,528 
5% 7/1/27 490,000 514,424 
5% 7/1/28 540,000 563,114 
5% 7/1/29 710,000 737,575 
5% 7/1/30 685,000 709,863 
5% 7/1/35 1,885,000 1,932,338 
5% 7/1/39 6,675,000 6,763,908 
Cap. Region Wtr. Wtr. Rev. Series 2018:   
5% 7/15/28 1,300,000 1,458,139 
5% 7/15/30 1,500,000 1,689,072 
5% 7/15/31 1,250,000 1,402,468 
Centre County Pennsylvania Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.):   
Series 2016 A:   
4% 11/15/32 350,000 353,163 
4% 11/15/34 250,000 250,852 
4% 11/15/35 200,000 200,505 
5% 11/15/28 840,000 887,446 
5% 11/15/29 1,625,000 1,706,833 
5% 11/15/30 685,000 716,581 
Series 2016 B:   
4% 11/15/40 600,000 591,601 
4% 11/15/47 3,605,000 3,381,290 
Series 2018 A:   
5% 11/15/26 1,140,000 1,253,184 
5% 11/15/27 225,000 250,300 
5% 11/15/28 200,000 217,471 
5% 11/15/29 200,000 215,550 
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Series 2017 A, 5% 10/1/35 2,125,000 2,262,148 
Commonwealth Fing. Auth. Rev.:   
Series 2019 B:   
5% 6/1/28 1,000,000 1,120,242 
5% 6/1/29 1,000,000 1,130,544 
5% 6/1/30 1,000,000 1,136,908 
5% 6/1/31 1,150,000 1,313,143 
Series 2020 A, 5% 6/1/32 3,500,000 3,901,912 
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.):   
Series 2012, 5% 11/1/37 1,520,000 1,537,465 
Series 2016:   
5% 5/1/30 1,000,000 1,084,466 
5% 5/1/31 500,000 540,908 
5% 5/1/32 750,000 808,816 
5% 5/1/33 2,210,000 2,380,817 
5% 5/1/34 1,000,000 1,075,790 
Dallas Area Muni. Auth. Univ. Rev. (Misericordia Univ. Proj.) Series 2019:   
5% 5/1/39 1,100,000 1,087,597 
5% 5/1/48 4,000,000 3,821,112 
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2016 A:   
5% 6/1/34 1,275,000 1,324,582 
5% 6/1/35 1,000,000 1,035,936 
5% 6/1/36 625,000 646,882 
Delaware County Auth. Rev.:   
(Cabrini College) Series 2017, 5% 7/1/47 2,000,000 1,915,118 
Series 2017, 5% 7/1/25 1,000,000 1,024,249 
Delaware County Auth. Univ. Rev. Series 2012, 5% 8/1/22 300,000 300,817 
Doylestown Hosp. Auth. Hosp. Rev.:   
Series 2013 A:   
5% 7/1/23 1,090,000 1,115,794 
5% 7/1/27 2,500,000 2,532,070 
Series 2016 A, 5% 7/1/46 3,500,000 3,266,044 
Series 2019, 4% 7/1/45 1,350,000 1,057,000 
Dubois Hosp. Auth. Hosp. Rev.:   
(Penn Highlands Healthcare Proj.) Series 2018, 5% 7/15/25 200,000 211,830 
Series 2020:   
5% 7/15/31 1,030,000 1,100,164 
5% 7/15/34 1,000,000 1,054,751 
5% 7/15/36 1,400,000 1,472,420 
5% 7/15/39 1,160,000 1,214,085 
Fox Chapel Area School District Series 2013, 5% 8/1/34 1,000,000 1,018,018 
Geisinger Auth. Health Sys. Rev.:   
Series 2014 A, 4% 6/1/41 2,000,000 1,954,427 
Series 2017 A2, 5% 2/15/39 1,880,000 1,978,722 
Indiana County Hosp. Auth. Series 2014 A, 6% 6/1/39 1,625,000 1,684,519 
Lackawanna County Indl. Dev. Auth. Rev. (Univ. of Scranton Proj.) Series 2017:   
5% 11/1/24 590,000 622,517 
5% 11/1/25 665,000 712,050 
5% 11/1/27 1,105,000 1,210,959 
Lancaster County Hosp. Auth. Health Ctr. Rev. Series 2016:   
5% 8/15/31 1,000,000 1,070,303 
5% 8/15/33 1,000,000 1,065,658 
5% 8/15/34 1,000,000 1,063,554 
5% 8/15/36 1,000,000 1,060,575 
Lehigh County Gen. Purp. Auth. Rev. (Muhlenberg College Proj.) Series 2017, 5% 2/1/39 4,010,000 4,229,333 
Lehigh County Gen. Purp. Hosp. Rev. Series 2019 A:   
5% 7/1/36 2,905,000 3,122,107 
5% 7/1/44 5,000,000 5,277,680 
Monroe County Hosp. Auth. Rev. Series 2016, 5% 7/1/33 3,675,000 3,831,988 
Montgomery County Higher Ed. & Health Auth. Rev.:   
Series 2014 A:   
5% 10/1/22 275,000 276,853 
5% 10/1/23 1,305,000 1,342,736 
5% 10/1/24 335,000 348,147 
5% 10/1/25 750,000 768,185 
5% 10/1/26 1,000,000 1,020,982 
5% 10/1/27 1,000,000 1,017,878 
Series 2016 A, 5% 10/1/40 4,000,000 4,008,924 
Series 2018 A, 5% 9/1/26 1,500,000 1,626,017 
Series 2019:   
4% 9/1/34 2,500,000 2,505,559 
4% 9/1/35 1,400,000 1,400,575 
4% 9/1/36 1,200,000 1,197,518 
4% 9/1/37 1,000,000 994,733 
Montgomery County Indl. Dev. Auth.:   
Series 2015 A, 5.25% 1/15/36 (Pre-Refunded to 1/15/25 @ 100) 2,000,000 2,141,936 
Series 2017:   
5% 12/1/33 2,150,000 2,341,796 
5% 12/1/35 1,000,000 1,086,349 
5% 12/1/36 2,670,000 2,896,964 
5% 12/1/37 1,515,000 1,642,402 
Northampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Univ. Health Network Proj.) Series 2018 A:   
4% 8/15/48 4,500,000 4,016,206 
5% 8/15/43 2,000,000 2,080,788 
5% 8/15/48 2,500,000 2,587,524 
Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2017, 5% 11/1/47 2,170,000 2,331,224 
Pennsylvania Ctfs. Prtn. Series 2018 A:   
5% 7/1/28 400,000 446,841 
5% 7/1/29 300,000 333,039 
5% 7/1/30 375,000 415,514 
5% 7/1/31 425,000 470,235 
Pennsylvania Higher Edl. Facilities Auth. Rev.:   
(Drexel Univ. Proj.) Series 2016, 5% 5/1/35 2,000,000 2,081,388 
(Thomas Jefferson Univ. Proj.) Series 2012, 5% 3/1/23 (Pre-Refunded to 9/1/22 @ 100) 585,000 588,280 
Series 2016, 5% 5/1/33 2,200,000 2,294,925 
Series 2018 A, 5% 2/15/48 4,000,000 4,319,892 
Series 2019 A:   
4% 3/1/37 1,150,000 1,121,712 
5% 3/1/36 1,000,000 1,076,937 
5% 3/1/38 1,055,000 1,131,310 
5% 3/1/39 1,000,000 1,070,641 
Series 2019:   
4% 12/1/44 1,000,000 985,601 
4% 12/1/48 1,000,000 972,795 
Pennsylvania Hsg. Fin. Agcy.:   
Series 2019 130A, 4% 10/1/49 1,515,000 1,535,145 
Series 2019 131, 3.5% 4/1/49 3,875,000 3,889,615 
Series 2020 13 2A, 3.5% 4/1/51 1,775,000 1,781,351 
Series 2020 133:   
5% 10/1/22 350,000 352,911 
5% 10/1/23 400,000 414,552 
5% 10/1/24 850,000 900,191 
5% 10/1/27 650,000 724,149 
5% 10/1/28 950,000 1,067,018 
5% 4/1/29 100,000 111,308 
5% 10/1/29 450,000 502,892 
Series 2021 134B:   
5% 10/1/22 (a) 1,175,000 1,184,200 
5% 4/1/24 (a) 1,255,000 1,305,477 
5% 10/1/24 (a) 1,000,000 1,048,976 
5% 10/1/25 (a) 370,000 393,174 
5% 4/1/26 (a) 995,000 1,062,623 
5% 10/1/26 (a) 1,500,000 1,608,753 
Series 2021 137:   
5% 4/1/24 225,000 236,012 
5% 10/1/24 265,000 280,946 
5% 4/1/25 200,000 213,997 
5% 10/1/25 220,000 237,669 
5% 4/1/26 240,000 260,734 
5% 10/1/26 280,000 306,703 
5% 4/1/27 225,000 247,897 
5% 10/1/27 225,000 249,505 
5% 4/1/28 250,000 277,925 
5% 10/1/28 260,000 290,450 
5% 4/1/29 310,000 346,051 
5% 10/1/29 365,000 409,155 
Pennsylvania Pub. School Bldg. Auth. School Rev. Series 2014 B2:   
5% 12/1/24 630,000 668,498 
5% 12/1/25 335,000 356,849 
5% 12/1/26 645,000 685,973 
5% 12/1/27 360,000 381,999 
Pennsylvania State Univ. Series 2015 A:   
5% 9/1/30 1,100,000 1,181,271 
5% 9/1/31 1,415,000 1,516,431 
Pennsylvania Tpk. Commission Tpk. Rev.:   
(Sub Lien Proj.) Series 2017 B-1, 5% 6/1/34 5,000,000 5,343,240 
Series 2013 A2:   
5% 12/1/28 500,000 545,753 
5% 12/1/38 2,500,000 2,688,105 
Series 2014 A, 5% 12/1/31 865,000 908,168 
Series 2014 A2, 0% 12/1/40 (c) 5,500,000 5,415,669 
Series 2017 A1:   
5% 12/1/30 3,500,000 3,871,699 
5% 12/1/31 2,000,000 2,200,490 
5% 12/1/33 1,500,000 1,634,661 
Series 2018 A2, 5% 12/1/43 5,000,000 5,334,656 
Series 2019 A, 5% 12/1/37 5,815,000 6,270,708 
Series 2020 B, 5% 12/1/50 5,000,000 5,333,500 
Series 2021 A:   
4% 12/1/44 4,000,000 3,766,286 
4% 12/1/45 4,000,000 3,743,258 
4% 12/1/50 2,000,000 1,821,630 
Series 2021 B:   
4% 12/1/40 1,000,000 970,883 
4% 12/1/41 1,000,000 966,481 
4% 12/1/42 1,500,000 1,441,570 
5% 12/1/46 2,000,000 2,147,711 
Philadelphia Arpt. Rev.:   
Series 2015 A, 5% 6/15/23 (a) 200,000 205,270 
Series 2017 A, 5% 7/1/42 350,000 365,555 
Series 2017 B:   
5% 7/1/31 (a) 1,000,000 1,062,219 
5% 7/1/33 (a) 2,250,000 2,370,104 
5% 7/1/37 (a) 5,065,000 5,276,545 
5% 7/1/42 (a) 4,000,000 4,135,730 
5% 7/1/47 (a) 3,035,000 3,121,426 
Philadelphia Auth. for Indl. Dev.:   
Series 2016, 5% 4/1/28 275,000 292,362 
Series 2017, 5% 11/1/47 5,000,000 5,159,770 
Series 2020 A, 4% 11/1/45 3,825,000 3,478,021 
Series 2020 C:   
4% 11/1/35 1,750,000 1,692,467 
4% 11/1/36 1,500,000 1,430,961 
4% 11/1/37 1,255,000 1,191,358 
4% 11/1/38 1,000,000 942,917 
Philadelphia Gas Works Rev.:   
Series 16 A, 5% 8/1/50 (Assured Guaranty Muni. Corp. Insured) 8,835,000 9,691,272 
Series 2015 13:   
5% 8/1/29 2,000,000 2,129,950 
5% 8/1/30 1,500,000 1,595,185 
5% 8/1/31 1,100,000 1,168,135 
Series 2016 14:   
5% 10/1/33 1,500,000 1,617,403 
5% 10/1/34 500,000 538,515 
Philadelphia Gen. Oblig.:   
Series 2017 A, 5% 8/1/30 1,500,000 1,629,732 
Series 2019 B:   
5% 2/1/38 3,000,000 3,232,806 
5% 2/1/39 2,600,000 2,780,455 
Philadelphia Redev. Auth. Rev. Series 2015 A, 5% 4/15/29 3,000,000 3,207,359 
Philadelphia School District:   
Series 2018 A:   
5% 9/1/29 1,250,000 1,381,967 
5% 9/1/30 1,000,000 1,097,618 
5% 9/1/33 1,000,000 1,085,237 
Series 2019 A:   
4% 9/1/37 2,100,000 2,119,917 
4% 9/1/38 2,300,000 2,318,359 
4% 9/1/39 2,000,000 2,011,261 
Philadelphia Wtr. & Wastewtr. Rev.:   
Series 2015 B, 5% 7/1/30 3,500,000 3,740,148 
Series 2017 B:   
5% 11/1/29 3,000,000 3,327,769 
5% 11/1/30 3,700,000 4,088,393 
Series 2020, 5% 10/1/40 3,195,000 3,516,303 
Pittsburgh & Allegheny County Parking Sys. Series 2017:   
5% 12/15/31 1,000,000 1,111,959 
5% 12/15/32 500,000 554,787 
5% 12/15/33 500,000 553,849 
Pittsburgh Gen. Oblig. Series 2014, 5% 9/1/23 (Build America Mutual Assurance Insured) 575,000 596,317 
Pittsburgh School District Series 2015, 5% 9/1/23 (Assured Guaranty Muni. Corp. Insured) 1,085,000 1,125,479 
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.:   
Series 2019 A, 5% 9/1/44 (Assured Guaranty Muni. Corp. Insured) 3,600,000 3,977,744 
Series 2019 B:   
4% 9/1/34 (Assured Guaranty Muni. Corp. Insured) 2,000,000 2,075,716 
4% 9/1/35 (Assured Guaranty Muni. Corp. Insured) 400,000 412,941 
Reading School District Series 2017:   
5% 3/1/35 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,088,144 
5% 3/1/36 (Assured Guaranty Muni. Corp. Insured) 1,050,000 1,138,906 
5% 3/1/37 (Assured Guaranty Muni. Corp. Insured) 1,600,000 1,729,597 
Saint Mary Hosp. Auth. Health Sys. Rev. (Trinity Health Proj.) Series 2012 B, 5% 11/15/26 1,000,000 1,106,247 
Southcentral Pennsylvania Gen. Auth. Rev. Series 2015:   
4% 12/1/30 1,040,000 1,062,073 
5% 12/1/22 30,000 30,409 
5% 12/1/27 1,480,000 1,572,822 
5% 12/1/29 1,000,000 1,050,876 
Susquehanna Area Reg'l. Arp Auth. Series 2017:   
5% 1/1/35 (a) 1,000,000 1,029,787 
5% 1/1/38 (a) 1,125,000 1,152,602 
Union County Hosp. Auth. Rev. Series 2018 B, 5% 8/1/48 6,000,000 6,418,323 
West Mifflin Area School District Series 2016:   
5% 4/1/24 (Assured Guaranty Muni. Corp. Insured) 1,250,000 1,305,712 
5% 4/1/26 (Assured Guaranty Muni. Corp. Insured) 1,000,000 1,082,677 
5% 4/1/28 (Assured Guaranty Muni. Corp. Insured) 1,390,000 1,528,426 
Westmoreland County Indl. Dev. Auth. (Excela Health Proj.) Series 2020 A:   
4% 7/1/22 600,000 600,000 
4% 7/1/23 1,125,000 1,139,934 
4% 7/1/26 1,000,000 1,027,908 
4% 7/1/37 1,400,000 1,310,376 
5% 7/1/27 200,000 215,076 
5% 7/1/28 1,130,000 1,220,255 
5% 7/1/29 500,000 543,001 
5% 7/1/30 1,000,000 1,090,230 
TOTAL PENNSYLVANIA  395,509,900 
Pennsylvania, New Jersey - 1.1%   
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A:   
5% 1/1/37 1,000,000 1,075,190 
5% 1/1/38 1,300,000 1,395,102 
5% 1/1/39 1,000,000 1,066,161 
5% 1/1/40 1,100,000 1,164,314 
TOTAL PENNSYLVANIA, NEW JERSEY  4,700,767 
Puerto Rico - 0.6%   
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1:   
0% 7/1/33 1,225,367 688,270 
5.625% 7/1/27 145,000 154,246 
5.625% 7/1/29 440,000 472,453 
5.75% 7/1/31 1,045,000 1,141,208 
TOTAL PUERTO RICO  2,456,177 
TOTAL MUNICIPAL BONDS   
(Cost $424,005,463)  403,396,071 
TOTAL INVESTMENT IN SECURITIES - 93.6%   
(Cost $424,005,463)  403,396,071 
NET OTHER ASSETS (LIABILITIES) - 6.4%  27,434,257 
NET ASSETS - 100%  $430,830,328 

Legend

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

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

 (c) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Municipal Securities $403,396,071 $-- $403,396,071 $-- 
Total Investments in Securities: $403,396,071 $-- $403,396,071 $-- 

Other Information

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

Health Care 25.9% 
Transportation 20.8% 
Education 18.1% 
General Obligations 11.6% 
Water & Sewer 7.1% 
Housing 5.2% 
Others (Individually Less Than 5%) 4.9% 
Net Other Assets (Liabilities) 6.4% 
 100.0% 

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


Fidelity® Pennsylvania Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $424,005,463) 		 $403,396,071 
Cash  28,584,858 
Receivable for fund shares sold  324,873 
Interest receivable  5,338,288 
Other receivables  991 
Total assets  437,645,081 
Liabilities   
Payable for investments purchased   
Regular delivery $245,231  
Delayed delivery 5,230,851  
Payable for fund shares redeemed 864,064  
Distributions payable 280,332  
Accrued management fee 125,478  
Other affiliated payables 45,739  
Other payables and accrued expenses 23,058  
Total liabilities  6,814,753 
Net Assets  $430,830,328 
Net Assets consist of:   
Paid in capital  $452,551,997 
Total accumulated earnings (loss)  (21,721,669) 
Net Assets  $430,830,328 
Net Asset Value, offering price and redemption price per share ($430,830,328 ÷ 41,668,292 shares)  $10.34 

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


Statement of Operations

  Six months ended June 30, 2022 (Unaudited) 
Investment Income   
Interest  $6,709,181 
Expenses   
Management fee $842,643  
Transfer agent fees 241,318  
Accounting fees and expenses 62,148  
Custodian fees and expenses 4,174  
Independent trustees' fees and expenses 765  
Registration fees 21,925  
Audit 24,488  
Legal 7,119  
Miscellaneous 1,001  
Total expenses before reductions 1,205,581  
Expense reductions (8,418)  
Total expenses after reductions  1,197,163 
Net investment income (loss)  5,512,018 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  (1,296,571) 
Total net realized gain (loss)  (1,296,571) 
Change in net unrealized appreciation (depreciation) on investment securities  (55,004,760) 
Net gain (loss)  (56,301,331) 
Net increase (decrease) in net assets resulting from operations  $(50,789,313) 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2022 (Unaudited) Year ended December 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $5,512,018 $11,924,047 
Net realized gain (loss) (1,296,571) 417,639 
Change in net unrealized appreciation (depreciation) (55,004,760) 77,355 
Net increase (decrease) in net assets resulting from operations (50,789,313) 12,419,041 
Distributions to shareholders (5,511,396) (12,540,010) 
Share transactions   
Proceeds from sales of shares 93,396,124 97,699,349 
Reinvestment of distributions 3,520,634 7,886,844 
Cost of shares redeemed (164,732,686) (86,105,495) 
Net increase (decrease) in net assets resulting from share transactions (67,815,928) 19,480,698 
Total increase (decrease) in net assets (124,116,637) 19,359,729 
Net Assets   
Beginning of period 554,946,965 535,587,236 
End of period $430,830,328 $554,946,965 
Other Information   
Shares   
Sold 8,745,755 8,417,034 
Issued in reinvestment of distributions 326,493 679,894 
Redeemed (15,303,980) (7,423,996) 
Net increase (decrease) (6,231,732) 1,672,932 

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


Financial Highlights

Fidelity Pennsylvania Municipal Income Fund

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $11.59 $11.59 $11.39 $10.92 $11.18 $10.97 
Income from Investment Operations       
Net investment income (loss)A,B .124 .251 .275 .310 .314 .328 
Net realized and unrealized gain (loss) (1.250) .013 .209 .523 (.226) .257 
Total from investment operations (1.126) .264 .484 .833 .088 .585 
Distributions from net investment income (.124) (.251) (.272) (.307) (.314) (.328) 
Distributions from net realized gain – (.013) (.012) (.056) (.034) (.047) 
Total distributions (.124) (.264) (.284) (.363) (.348) (.375) 
Net asset value, end of period $10.34 $11.59 $11.59 $11.39 $10.92 $11.18 
Total ReturnC,D (9.76)% 2.30% 4.32% 7.71% .84% 5.41% 
Ratios to Average Net AssetsB,E,F       
Expenses before reductions .50%G .48% .49% .48% .48% .48% 
Expenses net of fee waivers, if any .50%G .48% .49% .48% .48% .48% 
Expenses net of all reductions .50%G .48% .48% .48% .48% .48% 
Net investment income (loss) 2.29%G 2.16% 2.42% 2.74% 2.88% 2.95% 
Supplemental Data       
Net assets, end of period (000 omitted) $430,830 $554,947 $535,587 $516,717 $452,519 $480,405 
Portfolio turnover rateH 4%G 5% 17% 20% 15% 12% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

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

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

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity® Pennsylvania Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of June 30, 2022

Days % of fund's investments 6/30/22 
1 - 7 92.9 
8 - 30 1.1 
31 - 60 1.2 
61 - 90 2.7 
91 - 180 1.4 
> 180 0.7 

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

Asset Allocation (% of fund's net assets)

As of June 30, 2022 
   Variable Rate Demand Notes (VRDNs) 35.6% 
   Tender Option Bond 46.8% 
   Other Municipal Security 8.5% 
   Investment Companies 9.1% 


Current 7-Day Yields

 6/30/22 
Fidelity® Pennsylvania Municipal Money Market Fund 0.52% 

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

Fidelity® Pennsylvania Municipal Money Market Fund

Schedule of Investments June 30, 2022 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 35.6%   
 Principal Amount Value 
Alabama - 0.7%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.19% 7/7/22, VRDN (a)(b) $800,000 $800,000 
West Jefferson Indl. Dev. Series 2008, 1.1% 7/7/22, VRDN (b) 200,000 200,000 
  1,000,000 
Kansas - 0.6%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 1.05% 7/7/22, VRDN (b) 100,000 100,000 
Series 2007 B, 1.05% 7/7/22, VRDN (b) 300,000 300,000 
St. Mary's Kansas Poll. Cont. Rev. Series 1994, 1% 7/7/22, VRDN (b) 500,000 500,000 
Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 1% 7/7/22, VRDN (b) 100,000 100,000 
  1,000,000 
Nebraska - 0.3%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.19% 7/7/22, VRDN (a)(b) 400,000 400,000 
Pennsylvania - 32.8%   
Allegheny County Hosp. Dev. Auth. Rev. Series 2016 A, 1.01% 7/7/22, LOC Truist Bank, VRDN (b) 3,000,000 3,000,000 
Beaver County Indl. Dev. Auth. Series 2018 A, 1.01% 7/7/22, LOC Truist Bank, VRDN (b)(c) 1,810,000 1,810,000 
Chester County Health & Ed. Auth. Rev. Series 2009, 0.98% 7/7/22, LOC Manufacturers & Traders Trust Co., VRDN (b) 2,460,000 2,460,000 
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 0.7% 7/1/22, VRDN (b) 4,755,000 4,755,000 
Delaware Valley Reg'l. Fin. Auth. Local Govt. Rev. Series 2020 D, 0.9% 7/7/22, LOC TD Banknorth, NA, VRDN (b) 2,000,000 2,000,000 
Haverford Township School District Series 2009, 0.89% 7/7/22, LOC TD Banknorth, NA, VRDN (b) 2,885,000 2,885,000 
Lancaster Indl. Dev. Auth. Rev.:   
(Mennonite Home Proj.) Series 2007, 1.05% 7/7/22, LOC Manufacturers & Traders Trust Co., VRDN (b) 4,925,000 4,925,000 
(Willow Valley Retirement Proj.) Series 2009 B, 0.95% 7/7/22, LOC PNC Bank NA, VRDN (b) 1,000,000 1,000,000 
Lehigh County Gen. Purp. Hosp. Rev. Series 2019 B, 0.9% 7/7/22, LOC Bank of America NA, VRDN (b) 900,000 900,000 
Montgomery County Indl. Dev. Auth. Rev. (Foulkeways at Gwynedd Proj.) Series 2006 B, 1% 7/7/22, LOC Citizens Bank NA, VRDN (b) 400,000 400,000 
Pennsylvania Higher Edl. Facilities Auth. Rev. (Univ. of Pennsylvania Health Sys. Proj.) Series 2008 A, 0.91% 7/7/22, LOC Bank of America NA, VRDN (b) 2,000,000 2,000,000 
Philadelphia Arpt. Rev. Series 2005 C1, 0.98% 7/7/22, LOC Wells Fargo Bank NA, VRDN (a)(b) 1,100,000 1,100,000 
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People in Northeast, Inc. Proj.) Series 2006, 0.98% 7/7/22, LOC Citizens Bank NA, VRDN (b) 3,295,000 3,295,000 
Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 B2, 0.89% 7/7/22, LOC TD Banknorth, NA, VRDN (b) 6,600,000 6,600,000 
Philadelphia Gas Works Rev. Series 2009 D, 0.96% 7/7/22, LOC TD Banknorth, NA, VRDN (b) 200,000 200,000 
FHLMC Pennsylvania Hsg. Fin. Agcy. Multifamily Hsg. Dev. Rev. (Foxwood Manor Apts. Proj.) Series 2008 O, 0.9% 7/7/22, LOC Freddie Mac, VRDN (b) 300,000 300,000 
FNMA Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 0.97% 7/7/22, LOC Fannie Mae, VRDN (b) 12,375,000 12,375,000 
  50,005,000 
South Carolina - 0.1%   
Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1997, 1.19% 7/7/22, VRDN (a)(b) 100,000 100,000 
West Virginia - 1.1%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 1.02% 7/7/22, VRDN (a)(b) 500,000 500,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1% 7/7/22, VRDN (a)(b) 1,200,000 1,200,000 
  1,700,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $54,205,000)  54,205,000 
Tender Option Bond - 46.8%   
Colorado - 0.0%   
Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) 100,000 100,000 
Connecticut - 0.3%   
Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 300,000 300,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) 200,000 200,000 
  500,000 
Florida - 0.0%   
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e)(f) 100,000 100,000 
Kentucky - 0.2%   
CommonSpirit Health Participating VRDN Series MIZ 90 21, 1.01% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(f) 200,000 200,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) 100,000 100,000 
  300,000 
Mississippi - 0.1%   
Mississippi Bus. Fin. Corp. Rev. Participating VRDN Series 2021 XF 11 05, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(f) 100,000 100,000 
Ohio - 0.1%   
Ohio Hosp. Rev. Participating VRDN Series 002, 1.03% 8/11/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 100,000 100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) 100,000 100,000 
  200,000 
Pennsylvania - 45.7%   
Allegheny County Sanitation Auth. Swr. Rev. Participating VRDN Series Floaters XM 00 82, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 6,665,000 6,665,000 
Central Bradford Progress Auth. Rev. Participating VRDN:   
Series 2021 XF 12 59, 0.95% 7/7/22 (Liquidity Facility Bank of America NA)(b)(d)(f) 800,000 800,000 
Series XF 13 46, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) 2,165,000 2,165,000 
Commonwealth Fing. Auth. Tobacco Participating VRDN Series XX 10 80, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 2,700,000 2,700,000 
Geisinger Auth. Health Sys. Rev. Participating VRDN:   
Series Floaters XF 05 43, 0.98% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) 3,500,000 3,500,000 
Series Floaters YX 10 49, 0.99% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 1,885,000 1,885,000 
Series XF 09 69, 0.98% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) 1,900,000 1,900,000 
Series XM 08 87, 1.06% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) 1,900,000 1,900,000 
Lancaster County Hosp. Auth. Health Ctr. Rev. Participating VRDN Series 16 ZF0383, 0.96% 7/7/22 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(f) 3,750,000 3,750,000 
Lehigh County Gen. Purp. Hosp. Rev. Participating VRDN Series ZF 08 33, 0.95% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) 1,680,000 1,680,000 
Montgomery County Higher Ed. & Health Auth. Rev. Participating VRDN:   
Series Floaters ZF 07 95, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) 2,200,000 2,200,000 
Series XF 28 85, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 2,500,000 2,500,000 
Northampton County Gen. Purp. College Rev. Participating VRDN Series Floaters ZM 05 17, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(f) 7,500,000 7,500,000 
Pennsylvania Econ. Dev. Participating VRDN Series XM 0048, 0.97% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(f) 299,500 299,500 
Pennsylvania Gen. Oblig. Participating VRDN Series Floaters ZM 06 50, 0.94% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) 975,000 975,000 
Pennsylvania State Univ. Participating VRDN Series XM 08 27, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) 2,900,000 2,900,000 
Pennsylvania Tpk. Commission Registration Fee Rev. Participating VRDN:   
Series Putters 5025, 0.68% 7/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) 3,000,000 3,000,000 
Series Putters 5026, 0.68% 7/1/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) 400,000 400,000 
Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN:   
Series XM 10 08, 0.94% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) 1,000,000 1,000,000 
Series XX 11 34, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 1,300,000 1,300,000 
Philadelphia Arpt. Rev. Participating VRDN:   
Series YX 11 44, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 3,000,000 3,000,000 
Series YX 12 11, 0.98% 7/7/22 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(f) 1,600,000 1,600,000 
Philadelphia Auth. for Indl. Dev. Participating VRDN:   
Series XG 02 53, 0.96% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) 2,100,000 2,100,000 
Series XM 00 05, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) 4,200,000 4,200,000 
Philadelphia School District Participating VRDN Series XM 08 60, 0.94% 7/7/22 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(f) 1,625,000 1,625,000 
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series Floaters XF 07 19, 0.95% 7/7/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(f) 1,000,000 1,000,000 
Southcentral Pennsylvania Gen. Auth. Rev. Participating VRDN Series XL 01 04, 0.94% 7/7/22 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(f) 1,500,000 1,500,000 
Westmoreland County Muni. Auth. Muni. Svc. Rev. Participating VRDN Series XF 10 58, 0.95% 7/7/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(f) 3,270,000 3,270,000 
Wilkes-Barre Area School District Participating VRDN Series Floaters XF 07 77, 0.95% 7/7/22 (Liquidity Facility Bank of America NA) (b)(d)(f) 2,285,000 2,285,000 
  69,599,500 
South Carolina - 0.1%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) (b)(d)(e)(f) 100,000 100,000 
Tennessee - 0.1%   
Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.98% 7/7/22 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(f) 100,000 100,000 
Virginia - 0.2%   
Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 1% 7/7/22 (Liquidity Facility Mizuho Cap. Markets LLC) (b)(d)(f) 290,000 290,000 
TOTAL TENDER OPTION BOND   
(Cost $71,389,500)  71,389,500 
Other Municipal Security - 8.5%   
Pennsylvania, New Jersey - 0.7%   
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Bonds Series 2012 A, 5% 1,020,000 1,020,000 
Pennsylvania - 7.8%   
Pennsylvania Gen. Oblig. Bonds:   
Series 2012, 5% 7/1/22 1,185,000 1,185,000 
Series 2014, 5% 7/1/22 1,075,000 1,075,000 
Series 2015 1, 5% 8/15/22 400,000 401,711 
Series 2016 2, 5% 9/15/22 225,000 227,198 
Series 2019, 5% 7/15/22 1,600,000 1,602,279 
Pennsylvania Hsg. Fin. Agcy. Bonds Series 2021 134B, 5% 4/1/23 (a) 1,000,000 1,018,767 
Philadelphia Wtr. & Wastewtr. Rev. Series 2022 B, 1.16% 8/4/22, LOC Royal Bank of Canada, CP 1,000,000 1,000,000 
Pittsburgh Gen. Oblig. Bonds Series 2012 B:   
5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) 2,940,000 2,957,499 
5% 9/1/22 (Pre-Refunded to 9/1/22 @ 100) 1,000,000 1,005,852 
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. Bonds Series 2022 B2, 1.67% tender 10/20/22, CP mode 1,500,000 1,500,000 
  11,973,306 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $12,993,306)  12,993,306 
 Shares Value 
Investment Company - 9.1%   
Fidelity Municipal Cash Central Fund 0.88% (g)(h)   
(Cost $13,879,874) 13,877,475 13,879,874 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $152,467,680)  152,467,680 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (62,057) 
NET ASSETS - 100%  $152,405,623 

Security Type Abbreviations

CP – COMMERCIAL PAPER

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

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

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

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

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

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

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $700,000 or 0.5% of net assets.

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.09%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $200,000 
Denver City & County Arpt. Rev. Bonds Series G-114, 1.16%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 1.16%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 
Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 1.11%, tender 11/1/22 (Liquidity Facility Royal Bank of Canada) 5/3/21 $100,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.11%, tender 12/1/22 (Liquidity Facility Royal Bank of Canada) 6/1/21 $100,000 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.11%, tender 10/3/22 (Liquidity Facility Royal Bank of Canada) 4/1/21 $100,000 

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Municipal Cash Central Fund 0.88% $5,440,706 $42,398,000 $33,959,000 $30,123 $168 $-- $13,879,874 0.9% 
Total $5,440,706 $42,398,000 $33,959,000 $30,123 $168 $-- $13,879,874  

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

Investment Valuation

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

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


Fidelity® Pennsylvania Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  June 30, 2022 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $138,587,806) 		$138,587,806  
Fidelity Central Funds (cost $13,879,874) 13,879,874  
Total Investment in Securities (cost $152,467,680)  $152,467,680 
Cash  1,393 
Receivable for fund shares sold  19,692 
Interest receivable  353,267 
Distributions receivable from Fidelity Central Funds  11,227 
Other receivables  48 
Total assets  152,853,307 
Liabilities   
Payable for investments purchased on a delayed delivery basis $300,000  
Payable for fund shares redeemed 80,993  
Distributions payable 2,239  
Accrued management fee 64,452  
Total liabilities  447,684 
Net Assets  $152,405,623 
Net Assets consist of:   
Paid in capital  $152,378,447 
Total accumulated earnings (loss)  27,176 
Net Assets  $152,405,623 
Net Asset Value, offering price and redemption price per share ($152,405,623 ÷ 152,133,347 shares)  $1.00 

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


Statement of Operations

  Six months ended June 30, 2022 (Unaudited) 
Investment Income   
Interest  $342,392 
Income from Fidelity Central Funds  30,123 
Total income  372,515 
Expenses   
Management fee $394,018  
Independent trustees' fees and expenses 240  
Total expenses before reductions 394,258  
Expense reductions (112,559)  
Total expenses after reductions  281,699 
Net investment income (loss)  90,816 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 27,013  
Fidelity Central Funds 168  
Total net realized gain (loss)  27,181 
Net increase in net assets resulting from operations  $117,997 

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


Statement of Changes in Net Assets

 Six months ended June 30, 2022 (Unaudited) Year ended December 31, 2021 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $90,816 $16,968 
Net realized gain (loss) 27,181 109,575 
Net increase in net assets resulting from operations 117,997 126,543 
Distributions to shareholders (90,820) (136,843) 
Share transactions   
Proceeds from sales of shares 9,967,870 26,624,972 
Reinvestment of distributions 86,549 129,646 
Cost of shares redeemed (19,598,008) (43,810,109) 
Net increase (decrease) in net assets and shares resulting from share transactions (9,543,589) (17,055,491) 
Total increase (decrease) in net assets (9,516,412) (17,065,791) 
Net Assets   
Beginning of period 161,922,035 178,987,826 
End of period $152,405,623 $161,922,035 
Other Information   
Shares   
Sold 9,967,870 26,624,972 
Issued in reinvestment of distributions 86,549 129,646 
Redeemed (19,598,008) (43,810,109) 
Net increase (decrease) (9,543,589) (17,055,491) 

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


Financial Highlights

Fidelity Pennsylvania Municipal Money Market Fund

 Six months ended (Unaudited) June 30, Years endedDecember 31,     
 2022 2021 2020 2019 2018 2017 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss)A .001 –B .003 .010 .010 .004 
Net realized and unrealized gain (loss) –B .001 –B .001 –B –B 
Total from investment operations .001 .001 .003 .011 .010 .004 
Distributions from net investment income (.001) –B (.003) (.010) (.010) (.004) 
Distributions from net realized gain – (.001) –B –B – –B 
Total distributions (.001) (.001) (.003) (.011)C (.010) (.004) 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnD,E .06% .08% .37% 1.06% .97% .40% 
Ratios to Average Net AssetsA,F,G       
Expenses before reductions .50%H .50% .50% .50% .50% .50% 
Expenses net of fee waivers, if any .36%H .10% .34% .50% .50% .50% 
Expenses net of all reductions .36%H .10% .34% .50% .50% .50% 
Net investment income (loss) .12%H .01% .35% 1.03% .96% .38% 
Supplemental Data       
Net assets, end of period (000 omitted) $152,406 $161,922 $178,988 $207,008 $240,412 $284,994 

 A Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.

 B Amount represents less than $.0005 per share.

 C Total distributions per share do not sum due to rounding.

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

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

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

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


Notes to Financial Statements (Unaudited)

For the period ended June 30, 2022

1. Organization.

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

Effective after the close of business on July 15, 2022, Fidelity Pennsylvania Municipal Money Market Fund was closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

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

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

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

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

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

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

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2022 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to market discount and excise tax regulations.

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Pennsylvania Municipal Income Fund $423,997,531 $1,593,306 $(22,194,766) $(20,601,460) 
Fidelity Pennsylvania Municipal Money Market Fund 152,467,680 – – – 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Pennsylvania Municipal Income Fund 9,218,968 89,551,286 

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Income Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .35% of the Fund's average net assets.

Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Money Market Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

During the period, the investment advisor or its affiliates waived a portion of these fees for the Money Market Fund.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. Under the terms of the management fee contract, the investment adviser pays transfer agent fees on behalf of the Money Market Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the Income Fund's transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Fidelity Pennsylvania Municipal Income Fund .10% 

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

 % of Average Net Assets 
Fidelity Pennsylvania Municipal Income Fund .03 

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

 Purchases ($) Sales ($) Realized Gain (Loss) ($) 
Fidelity Pennsylvania Municipal Income Fund – – – 
Fidelity Pennsylvania Municipal Money Market Fund 4,870,000 2,400,000 – 

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Pennsylvania Municipal Income Fund $448 

7. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $112,498.

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

 Custodian credits 
Fidelity Pennsylvania Municipal Income Fund $4,174 
Fidelity Pennsylvania Municipal Money Market Fund 61 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Pennsylvania Municipal Income Fund $4,244 

8. Other.

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

9. Coronavirus (COVID-19) Pandemic.

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

10. Proposed Reorganization.

The Board of Trustees of Fidelity Pennsylvania Municipal Money Market Fund approved an Agreement and Plan of Reorganization (the Agreement) between Fidelity Pennsylvania Municipal Money Market Fund and Fidelity Municipal Money Market Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Pennsylvania Municipal Money Market Fund in exchange for shares of Fidelity Municipal Money Market Fund equal in value to the net assets of Fidelity Pennsylvania Municipal Money Market Fund on the day the reorganization is effective.

A meeting of shareholders of Fidelity Pennsylvania Municipal Money Market Fund is expected to be held during the fourth quarter of 2022 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective on December 2, 2022. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 to June 30, 2022).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
January 1, 2022 		Ending
Account Value
June 30, 2022 		Expenses Paid
During Period-B
January 1, 2022
to June 30, 2022 
Fidelity Pennsylvania Municipal Income Fund .50%    
Actual  $1,000.00 $902.40 $2.36 
Hypothetical-C  $1,000.00 $1,022.32 $2.51 
Fidelity Pennsylvania Municipal Money Market Fund .36%    
Actual  $1,000.00 $1,000.60 $1.79** 
Hypothetical-C  $1,000.00 $1,023.01 $1.81** 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses.

** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

 Annualized Expense Ratio-(a)
 		Expenses Paid
 
Fidelity Pennsylvania Municipal Money Market Fund .50%  
Actual  $2.48 
Hypothetical-(b)  $2.51 
   

 (a) Annualized expense ratio reflects expenses net of applicable fee waivers.

 (b) 5% return per year before expenses

Liquidity Risk Management Program

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

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

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

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

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

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

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

PFR-SANN-0822
1.705577.124

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust II’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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 Municipal Trust II



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

August 19, 2022


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



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

August 19, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

August 19, 2022