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Fidelity Michigan Municipal Income Fund
Fund Summary
Fund:
Fidelity® Michigan Municipal Income Fund
Investment Objective
The fund seeks a high level of current income exempt from federal income tax and Michigan personal income tax.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.
Shareholder fees (fees paid directly from your investment)
Shareholder Fees
Fidelity Michigan Municipal Income Fund
Redemption fee on shares held less than 30 days (as a % of amount redeemed) 0.50%
Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Fund Operating Expenses
Fidelity Michigan Municipal Income Fund
Management fee 0.37%
Distribution and/or Service (12b-1) fees none
Other expenses 0.12%
Total annual fund operating expenses 0.49%

This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

Expense Example (USD $)
Fidelity Michigan Municipal Income Fund
1 year 50
3 years 157
5 years 274
10 years 616
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 9% of the average value of its portfolio.
Principal Investment Strategies
  • Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal and Michigan personal income taxes.
  • Managing the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company (FMR)'s view of how the fund's competitive universe will perform over time.
  • Allocating assets across different market sectors and maturities.
  • Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
  • Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
Principal Investment Risks
  • Municipal Market Volatility. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
  • Interest Rate Changes. Interest rate increases can cause the price of a debt security to decrease.
  • Geographic Concentration. Unfavorable political or economic conditions within Michigan can affect the credit quality of issuers located in that state.
  • Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease.

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the Additional Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

Calendar Years

Bar Chart
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return5.62%September 30, 2009
Lowest Quarter Return-3.28%December 31, 2010
Average Annual Returns
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances.
For the periods ended
December 31, 2011
Average Annual Total Returns Fidelity Michigan Municipal Income Fund
Past 1 year
Past 5 years
Past 10 years
Return Before Taxes
9.20% 4.83% 5.06%
Return After Taxes on Distributions
9.19% 4.81% 5.02%
Return After Taxes on Distributions and Sale of Fund Shares
7.40% 4.69% 4.93%
Barclays Capital® Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)
10.70% 5.22% 5.38%
Barclays Capital Michigan Enhanced Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)
10.73% 5.00% 5.26%