0001379491-18-006273.txt : 20181210 0001379491-18-006273.hdr.sgml : 20181210 20181210124259 ACCESSION NUMBER: 0001379491-18-006273 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20181210 DATE AS OF CHANGE: 20181210 EFFECTIVENESS DATE: 20181210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MUNICIPAL TRUST CENTRAL INDEX KEY: 0000035373 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-55725 FILM NUMBER: 181225650 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: MUNICIPAL BOND FUND/MA/ DATE OF NAME CHANGE: 19860327 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19850503 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MUNICIPAL BOND FUND LTD DATE OF NAME CHANGE: 19770201 0000035373 S000007128 Fidelity Limited Term Municipal Income Fund C000019497 Fidelity Limited Term Municipal Income Fund FSTFX C000019498 Fidelity Advisor Limited Term Municipal Income Fund: Class A FASHX C000019500 Fidelity Advisor Limited Term Municipal Income Fund: Class C FCSHX C000019501 Fidelity Advisor Limited Term Municipal Income Fund: Class M FTSHX C000019502 Fidelity Advisor Limited Term Municipal Income Fund: Class I FISHX C000205038 Fidelity Advisor Limited Term Municipal Income Fund: Class Z FIWAX 0000035373 S000007130 Fidelity Minnesota Municipal Income Fund C000019504 Fidelity Minnesota Municipal Income Fund FIMIX 0000035373 S000007131 Fidelity Municipal Income Fund C000019505 Fidelity Municipal Income Fund FHIGX C000198965 Fidelity Advisor Municipal Income Fund: Class A FHUGX C000198966 Fidelity Advisor Municipal Income Fund: Class M FLUVX C000198967 Fidelity Advisor Municipal Income Fund: Class C FKISX C000198968 Fidelity Advisor Municipal Income Fund: Class I FROGX C000205039 Fidelity Advisor Municipal Income Fund: Class Z FIWEX 0000035373 S000059247 Fidelity Flex Municipal Income Fund C000194469 Fidelity Flex Municipal Income Fund FUENX 497 1 filing859.htm PRIMARY DOCUMENT

Supplement to the
Fidelity Flex℠ Funds
March 1, 2018
STATEMENT OF ADDITIONAL INFORMATION

Elizah McLaughlin serves as co-manager of the fund.

The following information supplements information found in the "Management Contract" section.

Elizah McLaughlin is co-manager of Fidelity Flex℠ Municipal Income Fund and receives compensation for her services. As of September 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index and rolling periods of up to ten years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity Flex℠ Municipal Income Fund is based on the fund’s pre-tax investment performance measured against the Bloomberg Barclays Municipal Bond Index and the fund’s pre-tax investment performance within the Lipper℠ General Municipal Debt Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity Flex℠ Municipal Income Fund ($112 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity Flex℠ Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


XLIB-18-01
1.9892685.100
December 10, 2018

Supplement to the
Fidelity® Limited Term Municipal Income Fund
Class A, Class M, Class C, and Class I
March 1, 2018
STATEMENT OF ADDITIONAL INFORMATION

Elizah McLaughlin serves as co-manager of the fund.

The following information supplements information found in the “Management Contract” section.

Elizah McLaughlin is co-manager of Fidelity® Limited Term Municipal Income Fund and receives compensation for her services. As of September 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index and rolling periods of up to ten years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity® Limited Term Municipal Income Fund is based on the fund’s pre-tax investment performance measured against the Bloomberg Barclays 1-6 Year Municipal Bond Index and the fund’s pre-tax investment performance (based on the performance of the fund’s retail class) within the Lipper℠ Short-Intermediate Municipal Debt Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Limited Term Municipal Income Fund ($2,910 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Limited Term Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


ASTM-ASTMIB-18-01
1.791643.119
December 10, 2018

Supplement to the
Fidelity® Limited Term Municipal Income Fund
March 1, 2018
STATEMENT OF ADDITIONAL INFORMATION

Elizah McLaughlin serves as co-manager of the fund.

The following information supplements information found in the “Management Contract” section.

Elizah McLaughlin is co-manager of Fidelity® Limited Term Municipal Income Fund and receives compensation for her services. As of September 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index and rolling periods of up to ten years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity® Limited Term Municipal Income Fund is based on the fund’s pre-tax investment performance measured against the Bloomberg Barclays 1-6 Year Municipal Bond Index and the fund’s pre-tax investment performance (based on the performance of the fund’s retail class) within the Lipper℠ Short-Intermediate Municipal Debt Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Limited Term Municipal Income Fund ($2,910 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Limited Term Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


STMB-18-01
1.478062.125
December 10, 2018

Supplement to the
Fidelity® Limited Term Municipal Income Fund
Class Z
September 29, 2018
STATEMENT OF ADDITIONAL INFORMATION

The following information supplements information found in the “Management Contract” section.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Limited Term Municipal Income Fund ($2,910 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Limited Term Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


ASTMZB-18-01
1.9892677.100
December 10, 2018

Supplement to the
Fidelity® Minnesota Municipal Income Fund
March 1, 2018
STATEMENT OF ADDITIONAL INFORMATION

Elizah McLaughlin serves as co-manager of the fund.

The following information supplements information found in the “Management Contract” section.

Elizah McLaughlin is co-manager of Fidelity® Michigan Municipal Income Fund and receives compensation for her services. As of September 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index and rolling periods of up to ten years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity® Michigan Municipal Income Fund is based on the fund’s pre-tax investment performance measured against the Bloomberg Barclays Michigan Enhanced Municipal Bond Index and the fund’s pre-tax investment performance within the Lipper℠ Other States Municipal Debt Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Minnesota Municipal Income Fund ($534 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Minnesota Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


MNFB-18-01
1.713590.125
December 10, 2018

Supplement to the
Fidelity® Municipal Income Fund
Class A, Class M, Class C, and Class I
March 1, 2018
STATEMENT OF ADDITIONAL INFORMATION

Elizah McLaughlin serves as co-manager of the fund.

The following information supplements information found in the “Management Contract” section.

Elizah McLaughlin is co-manager of Fidelity® Municipal Income Fund and receives compensation for her services. As of September 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index and rolling periods of up to ten years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity® Municipal Income Fund is based on the fund’s pre-tax investment performance measured against the Bloomberg Barclays 3+ Year Municipal Bond Index and the fund’s pre-tax investment performance within the Lipper℠ General Municipal Debt Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Municipal Income Fund ($6,100 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


AHIYB-18-01
1.9892681.100
December 10, 2018

Supplement to the
Fidelity® Municipal Income Fund
March 1, 2018
STATEMENT OF ADDITIONAL INFORMATION

Elizah McLaughlin serves as co-manager of the fund.

The following information supplements information found in the “Management Contract” section.

Elizah McLaughlin is co-manager of Fidelity® Municipal Income Fund and receives compensation for her services. As of September 30, 2018, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) the investment performance of other funds and accounts. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with her tenure, but that eventually encompasses rolling periods of up to three years for the comparison to a benchmark index and rolling periods of up to ten years for the comparison to a peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity® Municipal Income Fund is based on the fund’s pre-tax investment performance measured against the Bloomberg Barclays 3+ Year Municipal Bond Index and the fund’s pre-tax investment performance within the Lipper℠ General Municipal Debt Funds. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Municipal Income Fund ($6,100 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


HIYB-18-01
1.832386.110
December 10, 2018

Supplement to the
Fidelity® Municipal Income Fund
Class Z
September 29, 2018
STATEMENT OF ADDITIONAL INFORMATION

The following information supplements information found in the “Management Contract” section.

The following table provides information relating to other accounts managed by Ms. McLaughlin as of September 30, 2018:

 Registered
Investment
Companies* 		Other Pooled
Investment
Vehicles 		Other
Accounts 
Number of Accounts Managed 33 none 3 
Number of Accounts Managed with Performance-Based Advisory Fees none none none 
Assets Managed (in millions) $47,484 none $2,809 
Assets Managed with Performance-Based Advisory Fees (in millions) none none none 

* Includes Fidelity® Municipal Income Fund ($6,100 (in millions) assets managed).

As of September 30, 2018, the dollar range of shares of Fidelity® Municipal Income Fund beneficially owned by Ms. McLaughlin was none.


AHIYZB-18-01
1.9892682.100
December 10, 2018