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12.31 Fidelity Limited Term Municipal Income Fund Retail PRO-07 | Fidelity Limited Term Municipal Income Fund
<p style="font: bold 20pt Arial, Helvetica, sans-serif;">Fund Summary</p><p style="font: normal 12pt Arial, Helvetica, sans-serif;"><b>Fund/Class</b>:<br/><b>Fidelity® Limited Term Municipal Income Fund</b>/Fidelity® Limited Term Municipal Income Fund</p>
<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks as high a level of current income, exempt from federal income tax, as is consistent with preservation of capital.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Fee Table</b></font>

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Shareholder fees</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px"></p>
Shareholder Fees {- Fidelity Limited Term Municipal Income Fund}
12.31 Fidelity Limited Term Municipal Income Fund Retail PRO-07
Fidelity Limited Term Municipal Income Fund
USD ($)
(fees paid directly from your investment) none
<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Annual Operating Expenses</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(expenses that you pay each year as a % of the value of your investment)</p>
Annual Operating Expenses {- Fidelity Limited Term Municipal Income Fund}
12.31 Fidelity Limited Term Municipal Income Fund Retail PRO-07
Fidelity Limited Term Municipal Income Fund
Fidelity Limited Term Municipal Income Fund
Management fee 0.35%
Distribution and/or Service (12b-1) fees none
Other expenses 0.11%
Total annual operating expenses 0.46%
Fee waiver and/or expense reimbursement 0.09% [1]
Total annual operating expenses after fee waiver and/or expense reimbursement 0.37%
[1] Fidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse the class of shares of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses, if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.37% (the Expense Cap). If at any time during the current fiscal year expenses for the class of shares of the fund fall below the Expense Cap, FMR reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through April 30, 2021. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This example helps compare the cost of investing in the fund with the cost of investing in other 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:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Sell All Shares</p>
Expense Example {- Fidelity Limited Term Municipal Income Fund}
12.31 Fidelity Limited Term Municipal Income Fund Retail PRO-07
Fidelity Limited Term Municipal Income Fund
Fidelity Limited Term Municipal Income Fund
USD ($)
1 year $ 38
3 years 135
5 years 245
10 years $ 567
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Portfolio Turnover</b></font>

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 43% of the average value of its portfolio.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Strategies</b></font>
  • Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax.
  • Managing the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company LLC (FMR)'s view of how the fund's competitive universe will perform over time.
  • Normally maintaining a dollar-weighted average maturity between two and five years.
  • 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.
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Risks</b></font>
  • 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.
  • 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.

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.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Performance</b></font>

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 Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

<p style="font:bold 11pt Arial, sans-serif; margin-bottom: 0px;">Year-by-Year Returns</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Calendar Years</p>
Bar Chart
During the periods shown in the chart:ReturnsQuarter ended
Highest Quarter Return1.70%June 30, 2011
Lowest Quarter Return-1.96%December 31, 2016
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Average Annual Returns</b></font>

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. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

For the periods ended December 31, 2019

Average Annual Total Returns{- Fidelity Limited Term Municipal Income Fund} - 12.31 Fidelity Limited Term Municipal Income Fund Retail PRO-07 - Fidelity Limited Term Municipal Income Fund
Past 1 year
Past 5 years
Past 10 years
Fidelity Limited Term Municipal Income Fund | Return Before Taxes 4.18% 1.70% 1.93%
Fidelity Limited Term Municipal Income Fund | After Taxes on Distributions 4.13% 1.67% 1.91%
Fidelity Limited Term Municipal Income Fund | After Taxes on Distributions and Sales 3.23% 1.66% 1.90%
Bloomberg Barclays Municipal Bond Index(reflects no deduction for fees, expenses, or taxes) 7.54% 3.53% 4.34%
Bloomberg Barclays 1-6 Year Municipal Bond Index(reflects no deduction for fees, expenses, or taxes) 4.03% 1.82% 2.03%