Mutual Fund Summary Prospectus (497k)
01 3월 2014 - 12:57AM
Edgar (US Regulatory)
Fidelity
®
Conservative Income Municipal Bond Fund
Class
/Ticker
Fidelity Conservative Income Municipal Bond Fund
/FCRDX
In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary
prospectus.
Summary Prospectus
March 1, 2014
Fund Summary
Fund
/Class:
Fidelity
®
Conservative Income Municipal Bond Fund
/Fidelity Conservative Income Municipal Bond Fund
Investment Objective
The fund seeks to provide a high level of income, exempt from federal income tax, consistent with preservation of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
|
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee
|
0.30%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
A
|
0.10%
|
|
Total annual operating expenses
|
0.40%
|
A
Based on estimated amounts for the current fiscal year.
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:
|
1 year
|
$ 41
|
|
3 years
|
$ 128
|
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. For the period from October 15, 2013 to December 31, 2013, the fund's portfolio turnover rate was 0% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing at least 80% of its assets in U.S. dollar-denominated municipal money market securities and high quality investment-grade
municipal debt securities whose interest is exempt from federal income tax.
-
Investing up to 10% of assets in lower quality investment-grade securities.
-
Managing the fund to have similar overall interest rate risk to the 50% Barclays
®
1 Year Municipal Bond / 50% iMoneyNet
SM
Tax-Free National
Retail Blended Index.
-
Normally maintaining a dollar-weighted average maturity of one year or less.
-
Normally investing in securities with a maximum maturity of four 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.
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 or money market 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.
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and
other investment advisers serve as sub-advisers for the fund.
Summary Prospectus
Fund Summary - continued
Portfolio Manager(s)
Doug McGinley (portfolio manager) has managed the fund since October 2013.
Purchase and Sale of Shares
You may buy or sell shares through a Fidelity brokerage or mutual fund account, or through an investment professional. You may buy or sell
shares in various ways:
|
Internet
www.fidelity.com
|
|
Phone
Fidelity Automated Service Telephone (FAST
®
) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
|
|
Mail
|
|
Additional purchases:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
|
Redemptions:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
|
|
TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118
|
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.
The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
|
Initial Purchase Minimum
|
$10,000
|
The fund may waive or lower purchase minimums.
Tax Information
The fund seeks to earn income and pay dividends exempt from federal income tax. Income exempt from federal income tax may be subject to state
or local tax. A portion of the dividends you receive may be subject to federal and state income taxes and may also be subject to the federal alternative minimum tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund
shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual
fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who
share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time
you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.967790.101 CMB-SUM-0214
Fidelity
®
Conservative Income Municipal Bond Fund
Class
/Ticker
Institutional
/FMNDX
Summary Prospectus
March 1, 2014
Fund Summary
Fund
/Class:
Fidelity
®
Conservative Income Municipal Bond Fund
/Institutional
Investment Objective
The fund seeks to provide a high level of income, exempt from federal income tax, consistent with preservation of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
|
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee
|
0.30%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
A
|
0.05%
|
|
Total annual operating expenses
|
0.35%
|
|
Fee waiver and/or expense reimbursement
B
|
0.05%
|
|
Total annual operating expenses after fee waiver and/or expense reimbursement
|
0.30%
|
A
Based on estimated amounts for the current fiscal year.
B
Fidelity Management & Research Company (FMR) has contractually agreed to reimburse Institutional Class of the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities
lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.30%. This arrangement will remain in effect through
February 28, 2015. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees.
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:
|
1 year
|
$ 31
|
|
3 years
|
$ 107
|
Summary Prospectus
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. For the period from October 15, 2013 to December 31,
2013, the fund's portfolio turnover rate was 0% of the average value of its portfolio.
Principal Investment Strategies
-
Normally investing at least 80% of its assets in U.S. dollar-denominated municipal money market securities and high quality investment-grade
municipal debt securities whose interest is exempt from federal income tax.
-
Investing up to 10% of assets in lower quality investment-grade securities.
-
Managing the fund to have similar overall interest rate risk to the 50% Barclays
®
1 Year Municipal Bond / 50% iMoneyNet
SM
Tax-Free National
Retail Blended Index.
-
Normally maintaining a dollar-weighted average maturity of one year or less.
-
Normally investing in securities with a maximum maturity of four 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.
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 or money market 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.
Summary Prospectus
Fund Summary - continued
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Adviser
Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and
other investment advisers serve as sub-advisers for the fund.
Portfolio Manager(s)
Doug McGinley (portfolio manager) has managed the fund since October 2013.
Purchase and Sale of Shares
You may buy or sell shares through a Fidelity brokerage or mutual fund account, or through an investment professional. You may buy or sell
shares in various ways:
|
Internet
www.fidelity.com
|
|
Phone
Fidelity Automated Service Telephone (FAST
®
) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
|
|
Mail
|
|
Additional purchases:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
|
Redemptions:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
|
|
TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118
|
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in
proper form.
The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
Institutional Class shares have a minimum initial investment of $1 million.
The fund may waive or lower purchase minimums.
Tax Information
The fund seeks to earn income and pay dividends exempt from federal income tax. Income exempt from federal income tax may be subject to state
or local tax. A portion of the dividends you receive may be subject to federal and state income taxes and may also be subject to the federal alternative minimum tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.
Payments to Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund
shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual
fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who
share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you
choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Fidelity, Fidelity Investments & Pyramid Design, and FAST
are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.967777.101 CMB-I-SUM-0214
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