Mutual Fund Summary Prospectus (497k)
February 28 2014 - 11:04AM
Edgar (US Regulatory)
Fund
/Ticker
Fidelity
®
Minnesota Municipal Income Fund
/FIMIX
Summary Prospectus
March 1, 2014
Fund Summary
Fund:
Fidelity
®
Minnesota Municipal Income Fund
Investment Objective
The fund seeks a high level of current income exempt from federal income tax and Minnesota personal income tax.
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)
|
|
|
Redemption fee on shares held less than 30 days (as a % of amount redeemed)
|
0.50%
|
Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee
|
0.36%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
|
0.14%
|
|
Total annual operating expenses
|
0.50%
|
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
|
$ 51
|
|
3 years
|
$ 160
|
|
5 years
|
$ 280
|
|
10 years
|
$ 628
|
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 14% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal and Minnesota personal income taxes.
-
Managing the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company
(FMR)'s view of how the fund's competitive universe will perform over time.
-
Allocating assets across different market sectors and maturities.
-
Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
-
Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select
investments.
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 security to decrease.
-
Geographic Concentration.
Unfavorable political or economic conditions within Minnesota can affect the credit quality of issuers located in
that state.
-
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.
In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than
would occur in a more diversified fund.
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
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the
performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market
index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index
descriptions appear in the Additional Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Summary Prospectus
Fund Summary - continued
Visit www.fidelity.com for updated return information.
Year-by-Year Returns
|
Calendar Years
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
3.92%
|
2.61%
|
4.15%
|
3.19%
|
-0.28%
|
9.89%
|
2.42%
|
9.09%
|
4.91%
|
-1.91%
|
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
|
Highest Quarter Return
|
4.41%
|
September 30, 2009
|
|
Lowest Quarter Return
|
-3.22%
|
December 31, 2010
|
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, 2013
|
Past 1
year
|
Past 5
years
|
Past 10
years
|
|
Fidelity Minnesota Municipal Income Fund
|
|
|
|
|
Return Before Taxes
|
-1.91%
|
4.79%
|
3.74%
|
|
Return After Taxes on Distributions
|
-2.00%
|
4.75%
|
3.69%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
0.20%
|
4.52%
|
3.74%
|
|
Barclays
®
Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
-2.55%
|
5.89%
|
4.29%
|
|
Barclays Minnesota Enhanced Modified 2% Tobacco Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
-1.28%
|
5.34%
|
4.26%
|
Summary Prospectus
Investment Adviser
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)
Kevin Ramundo (portfolio manager) has managed the fund since June 2010.
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, minus the short-term redemption fee, if applicable. Shares will be sold at the NAV next calculated after an
order is received in proper form, minus the short-term redemption fee, if applicable.
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 and Minnesota personal income tax. A portion of the dividends you receive may be subject to federal, state, or local income tax and may also be subject to the federal or Minnesota 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.
1.923299.103 MNF-SUM-0214
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