Fidelity^® Municipal Core Plus Bond Fund: Investment Approach

• Fidelity^® Municipal Core Plus Bond Fund seeks to provide a high current yield exempt from federal income tax. Growth of capital may also be considered.
• The fund will normally invest at least 80% of assets in municipal securities whose interest is exempt from federal income tax. The fund is permitted to invest up to 30% of assets in lower-quality debt securities (also referred to as high-yield debt securities or junk bonds).
• The portfolio management team analyzes the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments across different market sectors and maturities.
• The fund's duration, a measure of overall interest rate risk, is expected to be similar to that of its benchmark.