Fidelity^® Sustainable Intermediate Municipal Income Fund: Investment Approach

• Fidelity® Sustainable Intermediate Municipal Income Fund is a diversified strategy that seeks to obtain a high level of current income exempt from federal income tax, as is consistent with preservation of capital.
• The fund normally invests at least 80% of its assets in investment-grade municipal securities exempt from federal income tax that FMR believes have positive environmental, social and governance (ESG) characteristics.
• The team assesses a security's use of proceeds by considering factors that provide ESG characteristics, such as energy efficiency, environmentally sustainable management, and providing access to quality health care, essential services and affordable housing. The team will generally consider bonds that finance education, health care, affordable housing, clean energy, municipal water and sewer, public transportation, and designated green bonds, among others, as having positive ESG characteristics.
• Robust governance and risk management, consisting of extensive quantitative modeling, formal and informal portfolio reviews, and proprietary tools, support the identification of both opportunities and risks.