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12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 | Fidelity 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® Municipal Income Fund</b>/Fidelity Advisor® Municipal Income Fund A, M, C, I, Z</p>
<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks to provide a high current yield exempt from federal income tax.

<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. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 31 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.

<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">(fees paid directly from your investment)</p>
Shareholder Fees {- Fidelity Municipal Income Fund} - 12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 - Fidelity Municipal Income Fund
Fidelity Advisor Municipal Income Fund: Class A
Fidelity Advisor Municipal Income Fund: Class M
Fidelity Advisor Municipal Income Fund: Class C
Fidelity Advisor Municipal Income Fund: Class I
Fidelity Advisor Municipal Income Fund: Class Z
Maximum sales charge (load) on purchases (as a % of offering price) 4.00% 4.00% none none none
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) none [1] none [1] 1.00% [2] none none
[1] Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.75% or 0.25%, respectively.
[2] On Class C shares redeemed less than one year after purchase.
<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 Municipal Income Fund} - 12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 - Fidelity Municipal Income Fund
Fidelity Advisor Municipal Income Fund: Class A
Fidelity Advisor Municipal Income Fund: Class M
Fidelity Advisor Municipal Income Fund: Class C
Fidelity Advisor Municipal Income Fund: Class I
Fidelity Advisor Municipal Income Fund: Class Z
Management fee 0.35% 0.35% 0.35% 0.35% 0.35%
Distribution and/or Service (12b-1) fees 0.25% 0.25% 1.00% none none
Other expenses 0.19% 0.17% 0.18% 0.18% 0.07%
Total annual operating expenses 0.79% 0.77% 1.53% 0.53% 0.42%

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 and if you hold your shares:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Sell All Shares</p>
Expense Example {- Fidelity Municipal Income Fund} - 12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 - Fidelity Municipal Income Fund - USD ($)
Fidelity Advisor Municipal Income Fund: Class A
Fidelity Advisor Municipal Income Fund: Class M
Fidelity Advisor Municipal Income Fund: Class C
Fidelity Advisor Municipal Income Fund: Class I
Fidelity Advisor Municipal Income Fund: Class Z
1 year $ 477 $ 475 $ 256 $ 54 $ 43
3 years 642 636 483 170 135
5 years 821 811 834 296 235
10 years $ 1,339 $ 1,316 $ 1,824 $ 665 $ 530
<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Hold Shares</p>
Expense Example, No Redemption {- Fidelity Municipal Income Fund} - 12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 - Fidelity Municipal Income Fund - USD ($)
Fidelity Advisor Municipal Income Fund: Class A
Fidelity Advisor Municipal Income Fund: Class M
Fidelity Advisor Municipal Income Fund: Class C
Fidelity Advisor Municipal Income Fund: Class I
Fidelity Advisor Municipal Income Fund: Class Z
1 Year $ 477 $ 475 $ 156 $ 54 $ 43
3 Years 642 636 483 170 135
5 Years 821 811 834 296 235
10 Years $ 1,339 $ 1,316 $ 1,824 $ 665 $ 530
<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 16% 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.
  • 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 performance of the fund's shares over the past 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.

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.

<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 for Class A:ReturnsQuarter ended
Highest Quarter Return3.08%March 31, 2019
Lowest Quarter Return0.44%December 31, 2019
<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Average Annual Returns</b></font>

Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. 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. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). 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 Municipal Income Fund} - 12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 - Fidelity Municipal Income Fund
Past 1 year
Since Inception
 [1]
Inception Date
Fidelity Advisor Municipal Income Fund: Class A | Return Before Taxes 3.74% 3.39% Mar. 01, 2018
Fidelity Advisor Municipal Income Fund: Class A | After Taxes on Distributions 3.62% 3.32% Mar. 01, 2018
Fidelity Advisor Municipal Income Fund: Class A | After Taxes on Distributions and Sales 3.27% 3.17% Mar. 01, 2018
Fidelity Advisor Municipal Income Fund: Class M | Return Before Taxes 3.75% 3.45% Mar. 01, 2018
Fidelity Advisor Municipal Income Fund: Class C | Return Before Taxes 6.26% 4.95% Mar. 01, 2018
Fidelity Advisor Municipal Income Fund: Class I | Return Before Taxes 8.33% 5.98% Mar. 01, 2018
Fidelity Advisor Municipal Income Fund: Class Z | Return Before Taxes 8.45% 8.17% Oct. 02, 2018
Bloomberg Barclays Municipal Bond Index(reflects no deduction for fees, expenses, or taxes) 7.54% 5.54%  
Bloomberg Barclays 3+ Year Municipal Bond Index(reflects no deduction for fees, expenses, or taxes) 8.17% 5.98%  
[1] From March 1, 2018 for Class A, Class M, Class C, and Class I; and October 2, 2018 for Class Z.
12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 | Fidelity Municipal Income Fund | Fidelity Advisor Municipal Income Fund: Class A
Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.75% or 0.25%, respectively.
12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 | Fidelity Municipal Income Fund | Fidelity Advisor Municipal Income Fund: Class M
Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.75% or 0.25%, respectively.
12.31 Fidelity Municipal Income Fund - AMCIZ PRO-05 | Fidelity Municipal Income Fund | Fidelity Advisor Municipal Income Fund: Class C
On Class C shares redeemed less than one year after purchase.