SUBJECT
TO COMPLETION. PRELIMINARY PROSPECTUS DATED MARCH 25, 2026. The information in
this prospectus is not complete and may be changed. We may not sell these
securities until the registration statement filed with the Securities and
Exchange Commission is effective. This prospectus is not an offer to sell these
securities and is not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.
Fidelity
Intermediate Municipal Income Fund
Class/Ticker
ETF
Class/[____]
Principal
U.S. Listing Exchange:[______]
Prospectus
[________,
YYYY]
The
fund's ETF Class shares are listed on a national securities exchange and are not
individually redeemable. The fund offers one or more mutual fund classes
described in a separate prospectus in addition to ETF Class shares.
|
These
securities have not been approved or disapproved by the Securities and
Exchange Commission, and the Securities and Exchange Commission has not
determined if this prospectus is accurate or complete. Any representation
to the contrary is a criminal offense.
|
245
Summer Street, Boston, MA 02210 |
Contents
Fund
Summary
Fund/Class:
Fidelity®
Intermediate Municipal Income Fund
/ETF
Class
Investment
Objective
Fidelity®
Intermediate Municipal Income Fund seeks as high a level of current income,
exempt from federal income tax, as is consistent with the preservation of
capital.
Fee
Table
The
following table describes the fees and expenses that may be incurred when you
buy, hold, and sell shares of the fund's ETF Class. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and examples
below.
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 |
|
[__]% |
|
Distribution
and/or Service (12b-1) fees |
|
None |
|
Other
expenses |
|
[__]%A |
|
Total
annual operating expenses |
|
[__]% |
|
Fee
waiver and/or expense reimbursement |
|
[__]%B |
|
Total
annual operating expenses after fee waiver and/or expense
reimbursement |
|
[__]% |
|
|
|
|
[A
Based on estimated amounts for the current fiscal year.]
[B
Fidelity Management & Research Company LLC (FMR) has contractually agreed to
reimburse ETF Class shares of the fund to the extent that total operating
expenses (excluding interest, certain taxes, fees and expenses of Independent
Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and
acquired fund fees and expenses (including fees and expenses associated with a
wholly owned subsidiary), 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 [__]% (the Expense Cap). If at any time during the current fiscal
year expenses for ETF Class 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 [______]. 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's ETF Class with the cost of
investing in other funds or classes.
Let's
say, hypothetically, that the annual return for ETF Class shares of the fund is
5% and that the fees and the annual operating expenses for shares of the fund's
ETF Class 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 ETF Class shares at the end of each time period indicated:
|
1
year |
$[__] |
|
3
years |
$[__] |
|
5
years |
$[__] |
|
10
years |
$[__] |
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
15%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing at least 80% of assets in municipal securities whose interest is
exempt from federal income tax. The municipal securities in which the fund
invests are normally investment-grade (those of medium and high
quality).
Municipal
debt securities are issued to raise money for a variety of public and private
purposes, including general financing for state and local governments, financing
for eligible non-profit organizations, or financing for a specific project or
public facility. Municipal debt securities in which the fund invests include
securities issued by U.S. territories and possessions, general obligation bonds
of municipalities, local or state governments, project or revenue-specific
bonds, or pre-refunded or escrowed bonds, municipal money market securities, and
synthetic securities. Municipal securities usually pay a fixed, variable, or
floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security.
Investment
grade securities in which the fund invests include securities or issuers rated
at least BBB- or its equivalent by at least one nationally recognized
statistical ratings organization (NRSRO), or, if unrated, determined by the
Adviser to be of comparable quality.
Derivative
instruments that provide investment exposure to the investments above or
exposure to one or more market risk factors associated with such investments are
included in the fund's 80% policy, consistent with the fund's investment
policies and limitations with respect to investments in
derivatives.
- Managing
the fund to have similar overall interest rate risk to the supplemental index
(see "Additional Index Information" section of the prospectus).
- Normally
maintaining a dollar-weighted average maturity between three and 10
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 increases can cause the price of a debt security to decrease.
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 (such
as guarantees) or a maturity-shortening structure (such as demand and put
features) for a security can cause the price of a security to
decrease.
- Fluctuation
of Net Asset Value and Share Price.
The
net asset value per share (NAV) of the fund's ETF Class will generally fluctuate
with changes in the market value of the fund's holdings. The fund's ETF Class
shares can be bought and sold in the secondary market at market prices.
Disruptions to creations and redemptions, the existence of extreme market
volatility or potential lack of an active trading market for the fund's ETF
Class shares may result in the fund's ETF Class shares trading significantly
above (at a premium) or below (at a discount) to NAV.
Given
the nature of the relevant markets for certain of the fund's securities, the
fund's ETF Class shares may trade at a larger premium or discount to the NAV
than shares of other ETFs.
In
addition, in stressed market conditions or periods of market disruption or
volatility, the market for the fund's ETF Class shares may become less liquid in
response to deteriorating liquidity in the markets for the fund's underlying
portfolio holdings.
There
can be no assurance that an active trading market will be maintained. Market
makers and Authorized Participants are not obligated to make a market in the
fund's ETF Class shares or to submit purchase and redemption orders for creation
units. Decisions by market makers or Authorized Participants to reduce their
role with respect to market making or creation and redemption activities during
times of market stress, or a decline in the number of Authorized Participants
due to decisions to exit the business, bankruptcy, or other factors, could
inhibit the effectiveness of the arbitrage process in maintaining the
relationship between the underlying value of the fund's portfolio securities and
the market price of the fund's ETF Class shares. In addition, trading may be
halted, for example, due to market conditions.
The
fund may effect some or all creations and redemptions of its ETF Class shares
using cash rather than in-kind securities. As a result, an investment in the
fund may be less tax-efficient than an investment in a fund that effects ETF
share class redemptions entirely in-kind.
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. You
could lose money by investing in the fund.
Unlike
individual debt securities, which typically pay principal at maturity, the value
of an investment in the fund will fluctuate.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
ETF Class shares are a new class of shares for which performance information is
not available, and therefore, for periods prior to the inception of the ETF
Class shares, the bar chart and table show performance information for the
Fidelity® Intermediate Municipal Income Fund shares of the fund, a mutual fund
class of shares of the fund not offered in this Prospectus. Returns of the ETF
Class shares of the fund may vary from the returns of the Fidelity® Intermediate
Municipal Income Fund shares due to differences in expenses.
The
information illustrates the changes in the performance of Fidelity® Intermediate
Municipal Income Fund, a class of shares of the fund, from year to year and
compares the performance of this class to the performance of a securities market
index and additional indexes over various periods of time.
The additional 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 for Fidelity® Intermediate Municipal Income
Fund, a class of shares of the fund.
Performance
history will be available at www.fidelity.com for ETF Class after ETF Class has
been in operation for one calendar year.
Year-by-Year
Returns*
|
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
|
-0.01%
|
4.48%
|
1.19%
|
6.55%
|
4.54%
|
1.14%
|
-6.27%
|
5.51%
|
1.37%
|
5.04%
|
|
During
the periods shown in the chart for Fidelity® Intermediate Municipal Income
Fund: |
Returns |
Quarter
ended |
|
Highest Quarter Return |
6.06% |
December
31, 2023 |
|
Lowest Quarter Return |
-5.05% |
March
31, 2022 |
*
The returns shown above are for Fidelity® Intermediate Municipal Income Fund, a
class of shares of the fund that is not offered through this prospectus. ETF
Class would have substantially similar annual returns to Fidelity® Intermediate
Municipal Income Fund because the classes are invested in the same portfolio of
securities. ETF Class's returns would differ from Fidelity® Intermediate
Municipal Income Fund's returns only to the extent that the classes do not have
the same expenses.
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.
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, 2025 |
Past
1
year |
Past
5
years |
Past
10
years |
|
Fidelity®
Intermediate Municipal Income Fund |
|
|
|
|
Return
Before Taxes |
5.04% |
1.27% |
2.29% |
|
Return
After Taxes on Distributions |
5.03% |
1.26% |
2.26% |
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
4.16% |
1.50% |
2.31% |
|
Bloomberg
3-15 Year Blend (2-17) Municipal Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
5.30% |
1.10% |
2.34% |
|
Fidelity
Intermediate Municipal Income Linked Index℠
(reflects
no deduction for fees, expenses, or taxes) |
5.30% |
1.18% |
2.28% |
|
Bloomberg
Municipal Bond Index
(reflects
no deduction for fees, expenses, or taxes) |
4.25% |
0.80% |
2.34% |
|
|
|
|
|
*
The returns shown above are for Fidelity® Intermediate Municipal Income Fund, a
class of shares of the fund that is not offered through this prospectus. ETF
Class would have substantially similar annual returns to Fidelity® Intermediate
Municipal Income Fund because the classes are invested in the same portfolio of
securities. ETF Class's returns would differ from Fidelity® Intermediate
Municipal Income Fund's returns only to the extent that the classes do not have
the same expenses.
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Portfolio
Manager(s)
Cormac
Cullen (Co-Portfolio Manager) has managed the fund since 2016.
Elizah
McLaughlin (Co-Portfolio Manager) has managed the fund since 2018.
Michael
Maka (Co-Portfolio Manager) has managed the fund since 2020.
Purchase
and Sale of Shares
ETF
Class shares of the fund are listed and traded on an exchange, and individual
ETF Class shares may only be bought and sold in the secondary market through a
broker or dealer at market price and are not individually redeemable.
These
transactions, which do not involve the fund, are made at market prices that may
vary throughout the day, rather than at NAV. ETF Class shares of the fund may
trade at a price greater than the ETF Class's NAV (premium) or less than the ETF
Class's NAV (discount). An investor may incur costs attributable to the
difference between the highest price a buyer is willing to pay to purchase ETF
Class shares (bid) and the lowest price a seller is willing to accept for such
shares (ask) when buying or selling ETF Class shares in the secondary market
(the "bid-ask spread"). Recent information, including information regarding the
ETF Class's NAV, market price, premiums and discounts, and bid-ask spread, is
available at www.fidelity.com.
The
fund offers one or more mutual fund classes described in a separate prospectus
in addition to ETF Class shares.
A shareholder holding a mutual fund class of the fund may convert those shares
to ETF Class shares issued by the fund to the extent supported by the
shareholder's financial intermediary. Shareholders should contact their
financial intermediary to determine the eligibility of their account for such a
conversion. ETF Class shares, whether acquired through a conversion or purchased
on the secondary market, cannot be converted to mutual fund class shares of the
fund or exchanged for mutual fund class shares or ETF Class shares of another
fund. See "Shareholder Information -- Conversions" below for additional
information.
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
bonds.
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (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.
Fund
Basics
Investment
Objective
Fidelity®
Intermediate Municipal Income Fund seeks as high a level of current income,
exempt from federal income tax, as is consistent with the preservation of
capital.
Principal
Investment Strategies
The
Adviser normally invests at least 80% of the fund's assets in municipal
securities whose interest is exempt from federal income tax. The municipal
securities in which the fund invests are normally investment-grade.
Municipal
debt securities are issued to raise money for a variety of public and private
purposes, including general financing for state and local governments, financing
for eligible non-profit organizations, or financing for a specific project or
public facility. Municipal debt securities in which the fund invests include
securities issued by U.S. territories and possessions, general obligation bonds
of municipalities, local or state governments, project or revenue-specific
bonds, or pre-refunded or escrowed bonds, municipal money market securities, and
synthetic securities. Municipal securities usually pay a fixed, variable, or
floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security.
Investment
grade securities in which the fund invests include securities or issuers rated
at least BBB- or its equivalent by at least one nationally recognized
statistical ratings organization (NRSRO), or, if unrated, determined by the
Adviser to be of comparable quality.
Derivative
instruments that provide investment exposure to the investments above or
exposure to one or more market risk factors associated with such investments are
included in the fund's 80% policy, consistent with the fund's investment
policies and limitations with respect to investments in
derivatives.
Although
the Adviser does not currently intend to invest the fund's assets in municipal
securities whose interest is subject to federal income tax, the Adviser may
invest all of the fund's assets in municipal securities whose interest is
subject to the federal alternative minimum tax.
The
Adviser uses a customized market value-weighted index of investment-grade
fixed-rate municipal bonds with a certain maturity range as a guide in
structuring the fund and selecting its investments (see "Additional Index
Information" section of the prospectus). The Adviser manages the fund to have
similar overall interest rate risk to the index.
The
Adviser considers other factors when selecting the fund's investments, including
the credit quality of the issuer, security-specific features, current valuation
relative to alternatives in the market, short-term trading opportunities
resulting from market inefficiencies, and potential future valuation. In
managing the fund's exposure to various risks, including interest rate risk, the
Adviser considers, among other things, the market's overall risk
characteristics, the market's current pricing of those risks, and internal views
of potential future market conditions.
In
addition, the fund normally maintains a dollar-weighted average maturity between
three and 10 years. As of December 31, 2025, the fund's dollar-weighted average
maturity was approximately 5.9 years and the customized municipal bond index's
dollar-weighted average maturity was approximately 8.6 years.
The
Adviser allocates the fund's assets among different market sectors (for example,
general obligation bonds of a state or bonds financing a specific project) and
different maturities based on its view of the relative value of each sector or
maturity.
The
Adviser may invest more than 25% of the fund's total assets in municipal
securities that finance similar projects, such as those relating to education,
health care, transportation, and utilities.
If
the Adviser's strategies do not work as intended, the fund may not achieve its
objective.
Description
of Principal Security Types
In
addition to the security types discussed above, the following describes the
types of securities in which the fund invests or may invest
principally:
Derivatives
are
investments whose values are tied to an underlying asset, instrument, currency,
or index. Derivatives include futures, options, forwards, and swaps, such
as interest rate swaps (exchanging a floating rate for a fixed rate), total
return swaps (exchanging a floating rate for the total return of an index,
security, or other instrument or investment) and credit default swaps (buying or
selling credit default protection).
Forward-settling
securities involve
a commitment to purchase or sell specific securities when issued, or at a
predetermined price or yield. Payment and delivery take place after the
customary settlement period.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as public health emergencies, military
conflicts, terrorism, government restrictions, political changes, and
environmental disasters, may significantly affect a fund's investment
performance.
The
ETF Class's NAV and yield change daily based on changes in market conditions and
interest rates and in response to other economic, political, or financial
developments. The fund's reaction to these developments will be affected by the
types and maturities of securities in which the fund invests, the financial
condition, industry and economic sector, and geographic location of an issuer,
and the fund's level of investment in the securities of that issuer. When your
shares are sold they may be worth more or less than what you paid for them,
which means that you could lose money by investing in the fund.
Unlike
individual debt securities, which typically pay principal at maturity, the value
of an investment in the fund will fluctuate.
The
following factors can significantly affect the fund's performance:
Municipal
Market Volatility. Municipal
securities can be significantly affected by political changes as well as
uncertainties in the municipal market related to taxation, legislative changes,
or the rights of municipal security holders. Because many municipal securities
are issued to finance similar projects, especially those relating to education,
health care, transportation, and utilities, conditions in those sectors can
affect the overall municipal market. Budgetary constraints of local, state, and
federal governments upon which the issuers may be relying for funding may also
impact municipal securities. In addition, changes in the financial condition of
an individual municipal insurer can affect the overall municipal market, and
market conditions may directly impact the liquidity and valuation of municipal
securities.
Interest
Rate Changes.
Debt securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities can be more sensitive to interest rate
changes, meaning the longer the maturity of a security, the greater the impact a
change in interest rates could have on the security's price. Short-term and
long-term interest rates do not necessarily move in the same amount or the same
direction. Short-term securities tend to react to changes in short-term interest
rates, and long-term securities tend to react to changes in long-term interest
rates. Securities with floating interest rates can be less sensitive to interest
rate changes, but may decline in value if their interest rates do not rise as
much as interest rates in general. In market environments where interest rates
are rising, issuers may be less willing or able to make principal and/or
interest payments on securities when due.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of
security or issuer, and changes in general economic or political conditions can
increase the risk of default by an issuer or counterparty, which can affect a
security's or instrument's credit quality or value. Entities providing credit
support (such as guarantees) or a maturity-shortening structure (such as demand
and put features) also can be affected by these types of changes, and if the
structure of a security fails to function as intended, the security could
decline in value. Lower-quality debt securities (those of less than
investment-grade quality, also referred to as high yield debt securities or junk
bonds) tend to be particularly sensitive to these changes. Municipal securities
backed by current or anticipated revenues from a specific project or specific
assets can be negatively affected by the discontinuance of the taxation
supporting the project or assets or the inability to collect revenues for the
project or from the assets. If the Internal Revenue Service (IRS) determines an
issuer of a municipal security has not complied with applicable tax
requirements, interest from the security could become taxable and the security
could decline significantly in value.
Lower-quality
debt securities involve greater risk of default or price changes due to changes
in the credit quality of the issuer. The value of lower-quality debt securities
often fluctuates in response to company, political, or economic developments and
can decline significantly over short as well as long periods of time or during
periods of general or regional economic difficulty. Lower-quality debt
securities can be thinly traded or have restrictions on resale, making them
difficult to sell at an acceptable price, and often are considered to be
speculative.
Generally,
the fund purchases municipal securities whose interest, in the opinion of bond
counsel, is free from federal income tax. Neither the Adviser nor the fund
guarantees that this opinion is correct, and there is no assurance that the IRS
will agree with bond counsel's opinion. Issuers or other parties generally enter
into covenants requiring continuing compliance with federal tax requirements to
preserve the tax- free status of interest payments over the life of the
security. If at any time the covenants are not complied with, or if the IRS
otherwise determines that the issuer did not comply with relevant tax
requirements, interest payments from a security could become federally taxable,
possibly retroactively to the date the security was issued. For certain types of
structured securities, the tax status of the pass- through of tax- free income
may also be based on the federal tax treatment of the structure.
Fluctuation
of Net Asset Value and Share Price.
The NAV of the fund's ETF Class shares will generally fluctuate with changes in
the market value of the fund's holdings. The fund's ETF Class shares are listed
on an exchange and can be bought and sold in the secondary market at market
prices. The market prices of shares will fluctuate in accordance with changes in
NAV and supply and demand on the listing exchange. Although an ETF Class share's
market price is expected to approximate its NAV, it is possible that the market
price and NAV will vary significantly. As a result, you may sustain losses if
you pay more than the ETF Class shares' NAV when you purchase ETF Class shares,
or receive less than the ETF Class shares' NAV when you sell ETF Class shares,
in the secondary market. During periods of disruptions to creations and
redemptions, the existence of extreme market volatility, or lack of an active
trading market for the fund's ETF Class shares, the market price of the fund's
ETF Class shares is more likely to differ significantly from the ETF Class's
NAV. During such periods, you may be unable to sell your shares or may incur
significant losses if you sell your ETF Class shares. There are various methods
by which investors can purchase and sell ETF Class shares and various orders
that may be placed. Investors should consult their financial intermediary before
purchasing or selling ETF Class shares of a fund. Disruptions at market makers,
Authorized Participants or market participants may also result in significant
differences between the market price of the fund's ETF Class shares and the ETF
Class's NAV. In addition, in stressed market conditions or periods of market
disruption or volatility, the market for shares may become less liquid in
response to deteriorating liquidity in the markets for the fund's underlying
portfolio holdings.
The
market price of ETF Class shares during the trading day, like the price of any
exchange-traded security, includes a bid-ask spread charged by the exchange
specialist, market makers, or other participants that trade the particular
security. In times of severe market disruption or volatility, the bid-ask spread
can increase significantly. At those times, ETF Class shares are most likely to
be traded at a discount to NAV, and the discount is likely to be greatest when
the price of ETF Class shares is falling fastest, which may be the time that you
most want to sell your ETF Class shares. Securities held by a fund may be traded
in markets that close at a different time than the listing exchange. During the
time when the listing exchange is open but after the applicable market closing,
fixing or settlement times, bid-ask spreads and the resulting premium or
discount to the ETF Class's NAV may widen. The Adviser expects that, under
normal market conditions, large discounts or premiums to NAV will not be
sustained in the long term because of arbitrage opportunities.
Trading
Issues.
Although
ETF Class shares are listed on an exchange, there can be no assurance that an
active trading market or requirements to remain listed will be met or
maintained. Only an Authorized Participant may engage in creation or redemption
transactions directly with the fund. The fund has a limited number of
intermediaries that act as Authorized Participants. There are no obligations of
market makers to make a market in the fund's ETF Class shares or of Authorized
Participants to submit purchase or redemption orders for Creation Units.
Decisions by market makers or Authorized Participants to reduce their role with
respect to market making or creation and redemption activities during times of
market stress, or a decline in the number of Authorized Participants due to
decisions to exit the business, bankruptcy, or other factors, could inhibit the
effectiveness of the arbitrage process in maintaining the relationship between
the underlying value of the fund's portfolio securities and the market price of
the fund's ETF Class shares. To the extent no other Authorized Participants are
able to step forward to create or redeem, ETF Class shares may trade at a
discount to NAV and possibly face delisting. In addition, trading of ETF Class
shares in the secondary market may be halted, for example, due to activation of
marketwide "circuit breakers." If trading halts or an unanticipated early
closing of the listing exchange occurs, a shareholder may be unable to purchase
or sell ETF Class shares of the fund. FDC, the distributor of the fund's shares,
does not maintain a secondary market in the ETF Class shares.
If
a fund's ETF Class shares are delisted from the listing exchange, the Adviser
may seek to list the ETF Class shares on another market, merge the fund's ETF
Class with another class of the fund, or liquidate the fund's ETF Class shares
at NAV.
ETF
Class shares of a fund, similar to shares of other issuers listed on a stock
exchange, may be sold short and are therefore subject to the risk of increased
volatility and price decreases associated with being sold short.
Leverage
Risk.
Derivatives and forward-settling securities involve leverage because they can
provide investment exposure in an amount exceeding the initial investment.
Leverage can magnify investment risks and cause losses to be realized more
quickly. A small change in the underlying asset, instrument, or index can lead
to a significant loss. Forward-settling securities also involve the risk that a
security will not be issued, delivered, or paid for when anticipated. Government
legislation or regulation could affect the use of these transactions and could
limit a fund's ability to pursue its investment strategies.
Cash
Transactions Risk.
The fund may effect some or all creations and redemptions of ETF Class shares
using cash rather than in-kind securities. Therefore, it may be required to sell
portfolio securities and recognize gains on such sales that the fund might not
have recognized if it were to distribute portfolio securities in-kind. As a
result, an investment in the fund may be less tax-efficient than an investment
in a fund that effects ETF share class redemptions entirely in-kind. The use of
cash creations and redemptions may also cause the fund's ETF Class shares to
trade in the market at greater bid-ask spreads or greater premiums or discounts
to the ETF Class's NAV. Furthermore, cash creation and redemption transactions
may result in certain brokerage, tax, foreign exchange, execution, price
movement and other costs and expenses related to the execution of trades
resulting from such transactions. To the extent that the maximum additional
charge for creation or redemption transactions is insufficient to cover these
costs and expenses, the fund's performance could be negatively
impacted.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance, and the fund could
distribute income subject to federal income tax.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
invest the fund's assets in lower-quality debt securities (those of less than
investment-grade quality, also referred to as high yield debt securities or junk
bonds). The Adviser may invest the fund's assets in municipal debt securities by
investing in other funds.
The
Adviser may also engage in transactions that have a leveraging effect on the
fund, including investments in derivatives, regardless of whether the fund may
own the asset, instrument, or components of the index underlying the derivative,
and forward-settling securities. The fund's derivative investments may include
interest rate swaps, total return swaps, credit default swaps, and futures
contracts (both long and short positions) on securities and indexes. Depending
on the Adviser's outlook and market conditions, the Adviser may engage in these
transactions to increase or decrease the fund's exposure to changing security
prices, interest rates, credit qualities, or other factors that affect security
values, or to gain or reduce exposure to an asset, instrument, or
index.
Fundamental
Investment Policies
The
following is fundamental, that is, subject to change only by shareholder
approval:
Fidelity®
Intermediate Municipal Income Fund seeks as high a level of current income,
exempt from federal income tax, as is consistent with the preservation of
capital. The fund normally invests at least 80% of its assets in municipal
securities whose interest is exempt from federal income tax.
The
fund is open for business each day that either the listing exchange or the New
York Stock Exchange (NYSE) is open.
The
ETF Class's NAV is the value of a single share. Fidelity normally calculates NAV
as of the close of regular trading hours on the listing exchange or the NYSE,
normally 4:00 p.m. Eastern time. The fund's assets normally are valued as of
this time for the purpose of computing NAV. The prices at which creations and
redemptions occur are based on the next calculation of NAV after a creation or
redemption order is received in an acceptable form under the authorized
participant agreement.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
ETF
Class shares of the fund may be purchased through a broker in the secondary
market by individual investors at market prices which may vary throughout the
day and may differ from the ETF Class's NAV.
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
Shares
of open-end funds in which the fund may invest (referred to as underlying funds)
are valued at their respective NAVs. NAV is calculated using the values of any
underlying funds in which it invests. Other assets are valued primarily on the
basis of market quotations, official closing prices, or information furnished by
a pricing service. Certain short-term securities are valued on the basis of
amortized cost. If market quotations, official closing prices, or information
furnished by a pricing service are not readily available or, in the Adviser's
opinion, are deemed unreliable for a security, then that security will be fair
valued in good faith by the Adviser in accordance with applicable fair value
pricing policies. For example, if, in the Adviser's opinion, a security's value
has been materially affected by events occurring before a fund's pricing time
but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
General
Information
Information
on Fidelity
Fidelity
Investments was established in 1946 to manage one of America's first mutual
funds. Today, Fidelity is one of the world's largest providers of financial
services.
In
addition to its fund business, the company operates one of America's leading
brokerage firms, Fidelity Brokerage Services LLC. Fidelity is also a leader in
providing tax-advantaged retirement plans for individuals investing on their own
or through their employer.
The
Depository Trust Company (DTC) is a limited trust company and securities
depository that facilitates the clearance and settlement of trades for its
participating banks and broker-dealers. DTC has executed an agreement with FDC,
the fund's distributor.
Multi-Class
ETF Fund Structure
The
Adviser has obtained an exemptive order from the SEC that permits the fund to
offer mutual fund share classes and an exchange-traded share class that operates
as an ETF (a "Multi-Class ETF Fund"). Under this structure, the ETF Class shares
are listed and traded on an exchange and are bought and sold at market prices,
whereas shares of a mutual fund class are purchased and redeemed at the class's
NAV next calculated after an order is received in proper form.
Due
to the structural and operational differences of mutual funds and ETFs,
shareholders of the mutual fund and ETF Class shares of a Multi-Class ETF Fund
will have differing shareholder rights with respect to exchange and conversion
privileges, how shares are purchased and redeemed, the timing of dividend
declarations and payments, and the timing and ability to automatically reinvest
dividends. For additional information regarding these differences, see "Purchase
and Sale of Shares" in the Fund Summary and "Conversions" and "Dividends and
Capital Gain Distributions" under "Shareholder Information" in this Prospectus
and "Buying and Selling Information" in the Statement of Additional Information
(SAI).
In
addition, because all of the classes of a Multi-Class ETF Fund are based on the
same portfolio, transactions through one class could generate portfolio
transaction costs and tax consequences for shareholders in other classes. For
example, shareholders of ETF Class shares of a Multi-Class ETF Fund have the
potential to experience greater portfolio transaction costs and taxable capital
gains distributions than shareholders of a standalone ETF as a result of
purchases and redemptions by shareholders of mutual fund class shares, as well
as costs due to the fund holding cash necessary to satisfy redemptions of the
mutual fund class shares, which could negatively impact the ETF Class's
performance. At the same time, shareholders of all classes of a Multi-Class ETF
Fund may benefit from cost savings and economies of scale to the extent that the
multiple classes draw additional assets to the Multi-Class ETF Fund.
A
Multi-Class ETF Fund also is required to comply with additional requirements
applicable to ETFs that do not normally apply to a mutual fund. For example, a
Multi-Class ETF Fund is required to disclose its complete holdings daily, which
has the potential to make the fund more susceptible to front running than a
traditional mutual fund that provides more limited public disclosure of
portfolio holdings. Also, unlike a traditional mutual fund, a Multi-Class ETF
Fund may not have the same flexibility to close the fund to new purchases.
The
use of this structure is subject to terms and conditions set forth in an SEC
exemptive order that are designed to ensure that the Adviser and the fund's
Board of Trustees focus on these potential issues on an initial and ongoing
basis. The conditions include that the Board, and a majority of the Independent
Trustees, approve (initially, and at least annually thereafter) the operation of
a Multi-Class ETF Fund pursuant to a multiple-class plan, finding that the plan
is in the best interests of each mutual fund class and the ETF Class
individually, and in the best interests of the Multi-Class ETF Fund as a whole.
The Adviser will prepare written reports to assist the Board's findings that
contain information regarding, among other items, the potential and/or observed
benefits and costs to each class individually and the fund as a whole due to the
structure, the appropriateness of the fund's investment strategy for the
structure, and the potential and/or observed material conflicts of interest
between the classes and/or material negative consequences resulting from the
structure.
Buying
and Selling Shares in the Secondary Market
ETF
Class shares of the fund are listed and traded on an exchange, and individual
ETF Class shares may only be bought and sold in the secondary market through a
broker. The fund does not impose any minimum investment for ETF Class shares
purchased on an exchange. These transactions are made at market prices that may
vary throughout the day and may be greater than the ETF Class's NAV (premium) or
less than the ETF Class's NAV (discount). As a result, you may pay more than NAV
when you purchase ETF Class shares, and receive less than NAV when you sell ETF
Class shares, in the secondary market. If you buy or sell ETF Class shares in
the secondary market, you will generally incur customary brokerage commissions
and charges. Due to such commissions and charges, frequent trading may detract
significantly from investment returns.
The
fund's ETF Class shares are designed to offer investors an investment that can
be bought and sold frequently in the secondary market in a way that is unlikely
to negatively impact the fund, and such trading activity is critical to ensuring
that the market price of ETF Class shares remains at or close to NAV.
Accordingly, the Board of Trustees has not adopted policies and procedures
designed to discourage excessive or short-term trading by these investors.
ETF
Class shares can be purchased and redeemed directly from the fund at NAV only by
Authorized Participants in large increments called "Creation Units." The fund
accommodates frequent purchases and redemptions of Creation Units by Authorized
Participants and does not place a limit on purchases or redemptions of Creation
Units by these investors. The fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, the
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Conversions
A
shareholder holding a mutual fund class of the fund may convert those shares to
ETF Class shares issued by the same fund to the extent supported by the
shareholder's financial intermediary. Shareholders should contact their
financial intermediary to determine the eligibility of their account for such a
conversion. ETF Class shares, whether acquired through a conversion or purchased
on the secondary market, cannot be converted to mutual fund class shares of the
same fund or exchanged for mutual fund class shares or ETF Class shares of
another fund.
ETF
Class shares must be held in a brokerage account. Prior to a conversion,
shareholders that hold mutual fund class shares of the fund through its transfer
agent, or in a brokerage account that only allows the shareholder to hold mutual
fund shares, will need to independently designate an eligible brokerage account
for holding the ETF Class shares. Shareholders that hold mutual fund class
shares in a 401(k) plan or other employer-sponsored retirement or benefit plan
generally may not convert those shares to ETF Class shares and should check with
their plan sponsor or recordkeeper regarding eligibility.
A
conversion of mutual fund class shares to ETF Class shares of the same fund will
be processed at the relative NAVs of the respective share classes at the time of
conversion. Since Depository Trust Company (DTC) (or its nominee) serves as the
record owner of, and holds legal title to, the ETF Class shares of a fund and
does not support the distribution and transfer of fractional ETF Class shares, a
shareholder may be unable to convert a portion of their mutual fund class shares
into ETF Class shares. Shareholders should work with their financial
intermediary to determine options for redeeming any remaining mutual fund class
shares. To the extent the automatic redemption of remaining mutual fund class
shares is supported by a shareholder's financial intermediary, the submission of
a request to convert mutual fund class shares to ETF Class shares may be deemed
a submission of a redemption request for such remaining shares. To the extent
the automatic redemption of remaining mutual fund class shares is not supported
by a shareholder's financial intermediary, shareholders may need to initiate a
subsequent redemption request of such remaining shares.
For
example, if a shareholder's mutual fund class shares were equal to 10.50 ETF
Class shares based on the relative NAVs of the classes, DTC's system would only
account for the transfer of 10 whole ETF Class shares. If a shareholder's
financial intermediary does not accommodate the ownership of fractional shares
of ETFs, a portion of their mutual fund class shares investment equal to 0.50
fractional ETF Class shares would remain in the mutual fund share class, and
redemption of this residual amount may require additional action through their
financial intermediary. The redemption of remaining mutual fund class shares
could be processed automatically if the shareholder's financial intermediary can
support the automatic redemption of such shares, otherwise a shareholder may be
required to redeem the portion of their mutual fund class shares investment
equal to 0.50 fractional ETF Class shares. The redemption of such shares would
be a taxable event. Shareholders will not otherwise recognize a taxable gain (or
loss) on the conversion of mutual fund class shares of the fund into ETF Class
shares of the fund.
Shareholders
should contact their financial intermediary to determine whether a conversion or
the redemption of any remaining mutual fund class shares may be subject to fees
and expenses. The fund does not impose a transaction fee on conversions but
reserves the right to impose a fee or to limit, temporarily suspend, or
terminate the conversion privilege in the future.
Mutual
fund class shareholders who invest directly through Fidelity should contact
Fidelity at 1-800-FIDELITY (Retail class) and 1-877-208-0098 (Advisor classes)
to request a conversion. Mutual fund class shareholders who invest through a
third-party financial intermediary should contact that financial intermediary
for information regarding conversions. Conversions may be available only during
certain time periods. The availability and length of the conversion process will
depend on a shareholder's financial intermediary, but may take several days from
the date the request is accepted. Shareholders will remain fully invested in
their mutual fund class shares until the conversion process is
complete.
Precautionary
Notes
- Note
to Investment Companies. For
purposes of the Investment Company Act of 1940 (1940 Act), shares are issued
by the fund, and the acquisition of shares by investment companies is subject
to the restrictions of Section 12(d)(1) of the 1940 Act. Registered investment
companies are permitted to invest in a fund beyond the limits set forth in
Section 12(d)(1), subject to certain terms and conditions, including that such
investment companies enter into an agreement with the fund.
- Note
to Authorized Participants Regarding Continuous Offering. Certain
legal risks may exist that are unique to Authorized Participants purchasing
Creation Units directly from the fund. Because new Creation Units may be
issued on an ongoing basis, at any point a "distribution," as such term is
used in the Securities Act of 1933 (the Securities Act), could be occurring.
As a broker-dealer, certain activities that you perform may, depending on the
circumstances, result in your being deemed a participant in a distribution, in
a manner which could render you a statutory underwriter and subject you to the
prospectus delivery and liability provisions of the Securities
Act.
For
example, you may be deemed a statutory underwriter if you purchase Creation
Units from the fund, break them down into individual fund shares, and sell such
shares directly to customers, or if you choose to couple the creation of a
supply of new ETF Class shares with an active selling effort involving
solicitation of secondary market demand for ETF Class shares. A determination of
whether a person is an underwriter for purposes of the Securities Act depends
upon all of the facts and circumstances pertaining to that person's activities,
and the examples mentioned here should not be considered a complete description
of all the activities that could lead to a categorization as an
underwriter.
Dealers
who are not "underwriters" but are participating in a distribution (as opposed
to engaging in ordinary secondary market transactions), and thus dealing with
ETF Class shares as part of an "unsold allotment" within the meaning of Section
4(a)(3)(C) of the Securities Act, will be unable to take advantage of the
prospectus delivery exemption provided by Section 4(a)(3) of the Securities
Act.
This
is because the prospectus delivery exemption in Section 4(a)(3) of the
Securities Act is not available in respect of such transactions as a result of
Section 24(d) of the 1940 Act. As a result, you should note that dealers who are
not underwriters but are participating in a distribution (as opposed to engaging
in ordinary secondary market transactions) and thus dealing with the ETF Class
shares that are part of an overallotment within the meaning of Section
4(a)(3)(A) of the Securities Act would be unable to take advantage of the
prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.
Firms that incur a prospectus-delivery obligation with respect to ETF Class
shares of the fund are reminded that, under Rule 153 under the Securities Act, a
prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed
to an exchange member in connection with a sale on an exchange is satisfied by
the fact that the prospectus is available at the exchange upon request. The
prospectus delivery mechanism provided in Rule 153 is only available with
respect to transactions on an exchange. Certain affiliates of the fund may
purchase and resell ETF Class shares pursuant to this prospectus.
- Note
to Secondary Market Investors.
DTC, or its nominee, is the registered owner of all outstanding ETF Class
shares of the fund. The Adviser will not have any record of your ownership.
Your ownership of shares will be shown on the records of DTC and the DTC
participant broker through which you hold the shares. Your broker will provide
you with account statements, confirmations of your purchases and sales, and
tax information. Your broker will also be responsible for distributing income
and capital gain distributions and for sending you shareholder reports and
other information as may be required.
Costs
Associated with Creations and Redemptions
The
fund may impose a creation transaction fee and a redemption transaction fee to
offset transfer and other transaction costs associated with the issuance and
redemption of Creation Units of ETF Class shares. Information about the
procedures regarding creation and redemption of Creation Units and the
applicable transaction fees is included in the SAI.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) as capital gain distributions. If you purchased your shares in
the secondary market, your broker is responsible for distributing the income and
capital gain distributions to you.
To
reinvest dividend and capital gains distributions, you must hold your ETF Class
shares at a broker that offers a reinvestment service. If a reinvestment service
is available, distributions of income and capital gains can be automatically
reinvested in additional ETF Class shares. If a reinvestment service is not
available, you will receive your distributions in cash, and your distributions
will not be reinvested. To determine whether a reinvestment service is available
and whether there is a commission or other charge for using this service,
consult your broker.
The
ETF Class normally declares dividends and pays capital gain distributions per
the tables below:
|
Fund
Name |
|
Dividends
Paid |
|
Fidelity®
Intermediate Municipal Income Fund - ETF Class |
|
Declare
and pay monthly |
|
Fund
Name |
|
Capital
Gains Paid |
|
Fidelity®
Intermediate Municipal Income Fund - ETF Class |
|
February,
December |
Given
differences in timing of payment and reinvestment for mutual fund and ETF Class
shares, an ETF Class reinvestment would potentially be made at a different time
and at a different price than a mutual fund class reinvestment. Any taxable
distributions by the fund, whether reinvested in additional ETF Class shares or
paid in cash, generally will be taxable to shareholders who are subject to tax.
Any such additional ETF Class shares will have a tax basis equal to the amount
reinvested for federal tax purposes. The additional ETF Class shares will have a
new holding period commencing on the day following the reinvestment
day.
The
cash payment date for mutual fund class distributions is typically one or more
business days before the cash payment date for ETF Class distributions. This
timing difference is due to the fact that ETF Class shares are exchange-traded
and, like all ETFs, require a multiple day delay between ex-dividend date and
payment date whereas mutual funds do not. During any period between the payment
of the distribution to mutual fund class shareholders and the payment of the
distribution to ETF Class shareholders, the cash that the fund will eventually
use to pay the distribution to ETF Class shareholders will not be invested
outside of participation in cash sweep vehicles (including money market funds),
custodial credit earning programs or interest-bearing accounts. Any return
associated with those assets during that time is expected to be negligible and
will go to the benefit of the entire fund (not just the ETF Class).
As
with any investment, your investment in the fund could have tax consequences for
you.
Taxes
on Distributions
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
bonds.
For
federal tax purposes, certain distributions, including distributions of
short-term capital gains and gains on the sale of bonds characterized as market
discount, are taxable to investors as ordinary income, while certain
distributions of long-term capital gains are taxable to investors generally as
capital gains.
The
fund may effect creations and redemptions of ETF Class shares using cash rather
than in-kind securities and generally expects to fund shareholder redemptions of
its mutual fund class shares using cash, and as a result, may recognize more
capital gains and be less tax-efficient than if in-kind securities were used.
When the fund effects its ETF Class redemptions with cash rather than with
in-kind securities and when it redeems its mutual fund class shares, the fund
may be required to sell portfolio securities in order to obtain the cash needed
to distribute redemption proceeds, which involves transaction costs and may
cause the fund to recognize gains that might not have been otherwise recognized
or to recognize such gains sooner than otherwise. Losses from sales of
immediately reacquired securities are subject to deferral, potentially
indefinitely. The fund generally intends to distribute net annual gains, if any,
to shareholders to comply with applicable tax rules, causing shareholders to be
subject to tax on gains they would not otherwise be subject to or at an earlier
date than if the fund effected ETF Class redemptions in-kind.
If
investors buy shares when a fund has realized but not yet distributed income or
capital gains, they will be "buying a dividend" by paying the full price for the
shares and then receiving a portion of the price back in the form of a taxable
distribution.
Any
taxable distributions investors receive will normally be taxable to them when
they receive them.
Taxes
on Transactions
Purchases
and sales of shares, as well as purchases and redemptions of Creation Units, may
result in a capital gain or loss for federal tax purposes.
Fund
Services
Adviser
FMR.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2024, the Adviser had approximately $4.7 trillion in
discretionary assets under management, and approximately $5.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 25 Cannon Street, London, EC4M 5SB, United Kingdom, serves as a sub-adviser
for the fund. As of December 31, 2024, FMR UK had approximately $15.1 billion in
discretionary assets under management. FMR UK is an affiliate of the
Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
the fund. As of December 31, 2024, FMR H.K. had approximately $29.2 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for the fund. As of March 31, 2025, FMR Japan had
approximately $2.8 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for the
fund.
Portfolio
Manager(s)
Cormac
Cullen is Co-Portfolio Manager of Fidelity®
Intermediate Municipal Income Fund, which he has managed since 2016. He also
manages other funds. Since joining Fidelity Investments in 2007, Mr. Cullen has
worked as a research analyst, structured analyst, senior legal counsel, and
portfolio manager.
Michael
Maka is Co-Portfolio Manager of Fidelity®
Intermediate Municipal Income Fund, which he has managed since 2020. He also
manages other funds. Since joining Fidelity Investments in 2000, Mr. Maka
has worked as the head of municipal trading and a portfolio
manager.
Elizah
McLaughlin is Co-Portfolio Manager of Fidelity®
Intermediate Municipal Income Fund, which she has managed since 2018. She also
manages other funds. Since joining Fidelity Investments in 1997, Ms. McLaughlin
has worked as an analyst and portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
fee for Fidelity®
Intermediate Municipal Income Fund is calculated by dividing an annual
asset-based fee rate of 0.10% by twelve and multiplying the result by the fund's
average net assets throughout the month, and then adding an income-based fee.
The income-based fee is 5% of the fund's gross income throughout the
month.
The
total management fee for the fiscal year ended December 31, 2025, was [ ]% of the fund's average net
assets.
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for the fund is available in the fund's Form N-CSR
report for the fiscal period ended December 31, 2025, [and will be included in
the fund's [Form N-CSR/Form N-CSRS] report for the fiscal period ending [ ]].
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
The
fund is composed of multiple classes of shares. All classes of the fund have a
common investment objective and investment portfolio.
FDC
distributes the fund's ETF Class shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
providing recordkeeping and administrative services, as well as other retirement
plan expenses, and compensation for services intended to result in the sale of
fund shares.
These
payments are described in more detail in this section and in the
SAI.
Distribution
and Service Plan(s)
While
the fund's ETF Class will not make direct payments for distribution or
shareholder support services, the fund has adopted a Distribution and Service
Plan pursuant to Rule 12b-1 under the 1940 Act with respect to its ETF Class
shares. The Plan recognizes that the Adviser may use its management fee
revenues, as well as its past profits or its resources from any other source, to
pay FDC for expenses incurred in connection with providing services intended to
result in the sale of ETF Class shares of the fund and/or shareholder support
services. The Adviser, directly or through FDC, may pay significant amounts to
intermediaries that provide those services. Currently, the Board of Trustees of
the fund has authorized such payments for ETF Class shares of the
fund.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the class's assets on an
ongoing basis, they would increase the cost of your investment and might cost
you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
[
] serves as the fund's custodian and the ETF Class's
transfer agent, and is located at [ ].
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
Because ETF Class shares have not commenced operations as of the end of the
fund's fiscal year, financial highlights are not available. The annual
information has been audited by [_____], independent registered public
accounting firm, whose report, along with fund financial statements, is included
in the annual report. Annual reports are available for free upon
request.
Fidelity®
Intermediate Municipal Income Fund |
|
|
|
Years
ended December 31, |
|
2025
|
|
2024 |
|
2023 |
|
2022 |
|
2021 |
|
Selected Per-Share
Data |
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning
of period |
$ |
10.06 |
$ |
10.19 |
$ |
9.90 |
$ |
10.78 |
$ |
10.87 |
|
Income from Investment
Operations |
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B |
|
.293
|
|
.271
|
|
.248
|
|
.204
|
|
.192
|
|
Net realized and unrealized gain (loss)
|
|
.205
|
|
(.134)
|
|
.288
|
|
(.880)
|
|
(.069)
|
|
Total from investment
operations |
|
.498
|
|
.137
|
|
.536
|
|
(.676)
|
|
.123
|
|
Distributions from net
investment income |
|
(.287)
|
|
(.266)
|
|
(.246)
|
|
(.203)
|
|
(.193)
|
|
Distributions from net
realized gain |
|
(.001)
|
|
(.001)
|
|
-
|
|
(.001)
|
|
(.020)
|
|
Total distributions |
|
(.288)
|
|
(.267)
|
|
(.246)
|
|
(.204)
|
|
(.213)
|
|
Net asset value, end of
period |
$ |
10.27 |
$ |
10.06 |
$ |
10.19 |
$ |
9.90 |
$ |
10.78 |
|
Total Return C |
|
|
|
1.37%
|
|
5.51%
|
|
(6.27)%
|
|
1.14%
|
|
Ratios to Average Net Assets B,D,E |
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.39%
|
|
.38%
|
|
.36%
|
|
.35%
|
|
.32%
|
|
Expenses net of fee
waivers, if any |
|
|
|
.37%
|
|
.36%
|
|
.35%
|
|
.32%
|
|
Expenses net of all
reductions, if any |
|
.37%
|
|
.37%
|
|
.36%
|
|
.35%
|
|
.32%
|
|
Net investment income
(loss) |
|
2.91%
|
|
2.68%
|
|
2.50%
|
|
2.03%
|
|
1.77%
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period
(000 omitted) |
$ |
4,555,080 |
$ |
4,343,945 |
$ |
4,695,105 |
$ |
4,757,973 |
$ |
5,501,159 |
|
Portfolio turnover rate
F |
|
|
|
19%
|
|
14%
|
|
20%
|
|
11%
|
ACalculated
based on average shares outstanding during the period.
BNet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
FAmount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs), derivatives or securities that mature within one
year from acquisition.
Additional
Index Information
Bloomberg
3-15 Year Blend (2-17) Municipal Bond Index covers
the USD-denominated tax exempt bond market with a maturity between 2 and 17
years. It includes general obligation and revenue bonds, which both can be
pre-refunded years later and get reclassified as such.
Bloomberg
Municipal Bond Index
is a market value-weighted index of investment-grade municipal bonds with
maturities of one year or more.
Fidelity
Intermediate Municipal Income Linked IndexSM represents
the performance of the Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index
since August 1, 2024, and the Bloomberg 1-17 Year Municipal Bond Index prior to
that date.
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports and Form N-CSR also
include additional information. The fund's annual report includes a discussion
of recent market conditions and the fund's investment strategies that affected
performance. In Form N-CSR, you will find the fund's annual and semi-annual
financial statements.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-800-FIDELITY. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, annual or semi-annual report, or the fund's financial statements or to
request other information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-02676 |
Fidelity
Distributors Company LLC (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,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2026 FMR LLC. All rights reserved.
|
1.9922436.100 |
IMF-PRO-0326 |
