fidelity defined maturity funds · lagging segments such as health care, higher education and...

PORTFOLIO MANAGER Q&A | AS OF JUNE 30, 2020

Fidelity® Defined Maturity Funds

Key Takeaways

• For the fiscal year ending June 30, 2020, the Retail Class shares of the 2021, 2023 and 2025 funds posted modest gains that lagged their respective Bloomberg Barclays benchmarks. The funds also trailed their respective Lipper peer group averages.

• The past six months, the co-portfolio managers continued to focus on longer-term objectives and sought to generate attractive tax-exempt income and competitive risk-adjusted returns over time.

• Versus their respective benchmarks, the funds' yield-curve positioning negatively impacted performance.

• Sector allocation also detracted, with the funds' overweighting in lagging segments such as health care, higher education and airports hurting the relative returns to varying degrees.

• Differences in the way fund holdings and index components were priced helped the funds' relative results, as did favorable "carry," meaning the funds' holdings cumulatively produced more income than their respective indexes.

• As of June 30, the co-portfolio managers believe there are reasons for optimism, but that the strength of the economy and municipal market will depend on the path of the coronavirus.

• On March 1, 2020, Michael Maka assumed co-management responsibilities for the funds. He will succeed Kevin Ramundo, who retired from Fidelity on June 30, 2020, after more than 20 years with the firm.

• Municipal Income 2021 Fund closed to new investors effective at the close of business on June 30, 2020, in anticipation of the fund's liquidation shortly after its target end-date of June 30, 2021. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gains distributions until the fund's liquidation.

FUND NAMES

Municipal Income 2021, 2023, 2025

MARKET RECAP

Tax-exempt municipal bonds posted a gain for the six months ending June 30, 2020, overcoming market volatility. The Bloomberg Barclays Municipal Bond Index rose 2.08% for the period. Munis began 2019 on an upswing, driven by investor demand despite tight credit spreads. By the second week of March, uncertainty related to the coronavirus began to raise the prospect of a broad economic slowdown that would later present financial challenges for muni issuers. For example, revenue bonds used to finance airport projects were hampered by a sharp reduction in air travel. Also, bonds issued by hospitals received scrutiny in the face of uncertain reimbursement for coronavirus-related treatment and the halt of elective medical procedures. State and local government tax revenue was impacted by the delay in the income-tax filing date to July 15 and the collapse in revenue from sales taxes, activity taxes and fees. Muni yields rose substantially as a result. TheU.S. Federal Reserve responded to the risk of rapid economic contraction and credit-market dysfunction with substantial stimulus. This led to increased market liquidity and a return of new issuance in the primary market, which continued through June 30.

Not FDIC Insured • May Lose Value • No Bank Guarantee


2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Elizah McLaughlinCo-Manager

Cormac CullenCo-Manager

Michael MakaCo-Manager

Fund FactsMunicipal Income

Trading Symbol

Start DateSize (in millions)

2021 FOCFX 05/19/2011 $51.42023 FCHPX 04/23/2013 $37.42025 FIMSX 05/25/2017 $23.6

Investment Approach

• Fidelity® Defined Maturity Funds are target-maturity municipal bond strategies investing in general obligation and revenue-backed municipal securities.

• Each fund primarily holds investment-grade municipal bonds whose maturities are generally clustered around the maturity date of the funds.

• The interest rate sensitivity and price volatility is designed to fall gradually over time as the fund and its corresponding holdings approach maturity.

• Our investment approach focuses on fundamental credit analysis, driven by the bottom-up issuer and security-specific research of Fidelity's analysts.

• We emphasize a total-return approach that seeks to generate a high level of tax-exempt income, consistent with the preservation of capital.

Q&AAn interview with Co-Managers Elizah McLaughlin, Cormac Cullen and Michael Maka

Q: Elizah, how did the funds perform for the fiscal year ending June 30, 2020

E.M. The municipal bond market and the funds faced unprecedented disruption, volatility and uncertainty as the COVID-19 pandemic triggered a broad global financial market sell-off, followed by a partial rebound.

For the 12 months, the Retail Class shares of the 2021, 2023 and 2025 funds posted modest gains that lagged their respective Bloomberg Barclays benchmarks. The funds also trailed their respective Lipper peer group averages.

In managing the funds, we attempted to generate attractive tax-exempt income and competitive risk-adjusted total returns, including both price appreciation and income, over the longer term. We did this with an eye toward carefully managing risk exposures through close collaboration with our team of portfolio managers, credit and quantitative research analysts, and traders.

Q: Cormac, we understand there were some changes to the funds' management team.

C.C. Yes, Kevin Ramundo retired from Fidelity on June 30, after more than 20 years with the firm.

He was instrumental in advancing Fidelity's municipal research and analytics process, which is party why Elizah and I are sorry to see him go. We consider it a sincere honor to have worked with him and we wish him well.

We also are excited to welcome Michael Maka, who assumed co-management responsibilities on March 1. Michael brings 20 years of experience to the municipal bond team, having most recently served as head of municipal bond trading.

Q: Welcome, Michael. Tell us, why did the funds trail their respective benchmarks

M.M. The funds' partly lagged because of our positioning along the yield curve, meaning how we spread investments over bonds of various maturities.

The funds had shorter durations than their benchmarks, which hurt the funds' relative returns as the yield curve shifted lower over the period.



Sector selection detracted as well. We overweighted several segments hurt notably by the spread of COVID-19, such as health care, higher education and airports.

This also cost the funds relative ground to various degrees. Securities tied to these industries generally helped fund performance from the beginning of the 12 months through February 2020, providing incremental income to the funds and posting above-average price gains as investors sought higher-yielding munis.

These bonds then faced extreme pressure in March and Aprilas investors reduced their holdings of lower-quality securities. The sectors hit hard by COVID-19 generally bounced back in May and June, although their later-period gains didn't fully offset the prices declines they suffered in prior months.

Q: What other factors affected the funds' relative performance

M.M. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's (FMR) fair-value processes. Securities within the index, however, are priced by the index provider.

These two approaches employ somewhat different methodologies in estimating the prices of municipal securities, most of which trade infrequently.

We estimate that these pricing differences helped the relative results of the funds.

Q: What other factors added value

M.M. Each of the funds' holdings cumulatively produced more income than those in the index. Since municipal bond total returns are comprised of income plus price changes, having more income generally helped.

Q: Team, what's your outlook for the muni market as of June 30

C.C. The strength of the economy and the direction of the municipal market depends largely on the path of the coronavirus. Forecasts from various market participants reflect a wide range of views about the course ahead.

M.M. At period end, we saw some reasons for optimism. From mid-April through June 30, investors began to return tothe municipal market.

The market experienced a wave of new issuance and investors oversubscribed to a number of these offerings, reflecting healthy demand. We think investors saw comparatively high yields for municipals, compared with many taxable alternatives. For example, relative to corporate bonds, which have a lower average credit quality, municipals provided a similar after-tax yield.

But we believe the municipal market – like all financial markets – may continue to experience bouts of volatility as investors continue to wrestle with the uncertain path of the coronavirus. Against this backdrop, we're taking a balanced approach. We continue to hold lower-quality investment-grade bonds we believe have further room to recover from their March lows should the economy and muni market continue to strengthen.

We're also focused on higher-quality securities we believe will provide the fund with liquidity should economic conditions and demand for municipals weaken.

E.M. As our experienced municipal team navigates an uncertain 2020, it's important to remember our portfolios employ a multistep investment process and substantial risk oversight. This time-tested approach is governed by our robust risk-management framework and is driven by Fidelity's vast research capabilities. ■



The co-managers on credit trends in the muni market:

C.C. "Many municipal issuers face significant fiscal impacts due to the ongoing COVID-19 pandemic, which makes assessing their capital and liquidity needs more important than ever.

"From a sector standpoint, certain revenue bonds issued by municipal airports, transportation authorities and health care systems faced immediate shortfalls in March and April and could continue to see challenges. Investors indiscriminately exited these categories during the peak of market volatility this spring.

"Not all are in poor shape, however. Based on our credit research, we see wide variability. Some issuers still have strong balance sheets, effective management teams and healthy liquidity profiles heading into the second half of 2020.

"As of June 30, we're focused on finding credits thatoffer strong relative value and we've identified several we feel have been unduly penalized just because they fall into a beaten-down sector."

E.M. "There's a lot of variability among issuers in thetax-backed segment as well. We note that some states, such as California, built up their reserves during the economic expansion prior to the pandemic, making them more financially resilient, according to our analysis.

"Tax revenues for many states and local governments are falling short of expenses, and we note that some states have constitutional requirements to balance their budgets and refrain from issuing long-term debt to fund operating expenses. As a result, many states have shifted their fiscal year-ends past the July federal tax-filing deadline. New Jersey, for example, pushed the end of its fiscal year out to September."

M.M. "It's clear that local and state issuers must address deficits through spending cuts, higher taxesor benefit concessions from retired employees – or a combination of these measures. As always, we're very closely monitoring each holding in the portfolios in terms of the issuer's financial stability and overall ability to meet its debt-servicing obligations."



Fidelity Municipal Income 2021 Fund

MUNICIPAL-SECTOR DIVERSIFICATION

Sector Portfolio Weight Index Weight Relative Weight

Relative Change From Six Months

Ago

Health Care 23.19% 2.40% 20.79% -0.93%

Transportation 20.31% 6.12% 14.19% 2.26%

Local Obligations 12.93% 13.22% -0.29% -0.93%

State Obligations 9.41% 20.44% -11.03% -1.63%

Higher Education 8.23% 3.16% 5.07% 0.37%

Electric & Gas 6.07% 2.40% 3.67% 0.88%

Pre-Refunded 6.00% 37.57% -31.57% -2.89%

Special Tax 4.14% 8.64% -4.50% 0.80%

Water & Sewer 4.04% 4.51% -0.47% -0.73%

Corporate-Backed 1.18% 0.98% 0.20% 1.54%

Tobacco 0.63% 0.00% 0.63% 0.10%

Housing 0.00% 0.14% -0.14% 0.18%

Lease/Other 0.00% 0.42% -0.42% -0.10%

Cash & Net Other Assets 3.87% 0.00% 3.87% 1.08%

Futures, Options & Swaps 0.00% 0.00% 0.00% 0.00%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any ofthe portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for futuresettlement, Net Other Assets can be a negative number.

WEIGHTED AVERAGE MATURITY

Six Months Ago

Years 0.9 1.4

This is a weighted average of all maturities held in the fund.

DURATION

Six Months Ago

Years 0.9 1.3



Fidelity Municipal Income 2021 Fund (continued)

CREDIT-QUALITY DIVERSIFICATION

Credit Quality Portfolio Weight Index Weight Relative Weight


Ago

U.S. Government 0.00% 0.00% 0.00% 0.00%

AAA 1.81% 25.54% -23.73% -1.36%

AA 34.96% 51.75% -16.79% -4.52%

A 32.06% 11.36% 20.70% 0.63%

BBB 20.13% 6.16% 13.97% 3.91%

BB 1.35% 0.00% 1.35% -0.07%

B 0.00% 0.00% 0.00% 0.00%

CCC & Below 0.00% 0.00% 0.00% 0.00%

Short-Term Rated 0.00% 0.00% 0.00% 0.00%

Not Rated/Not Available 5.81% 5.19% 0.62% 0.35%


Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

Credit ratings for a rated issuer or security are categorized using the highest credit rating among the following three Nationally Recognized Statistical Rating Organizations ("NRSRO"): Moody's Investors Service (Moody's); Standard & Poor's Rating Services (S&P); or Fitch, Inc. Securities that are not rated by any of these three NRSRO's (e.g. equity securities) are categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its pro-rata share of any investments in other Fidelity funds.

10 LARGEST STATE WEIGHTS

State Portfolio Weight Index Weight Relative Weight


Ago

New Jersey 16.21% 5.26% 10.95% -2.51%

Michigan 9.23% 2.62% 6.61% -1.30%

Texas 8.96% 7.55% 1.41% 0.88%

Illinois 8.39% 2.95% 5.44% 0.35%

Nevada 7.12% 1.29% 5.83% -0.14%

Florida 6.10% 5.11% 0.99% -1.47%

Pennsylvania 5.62% 4.10% 1.52% 0.72%

New York 3.29% 11.14% -7.85% 1.72%

California 3.16% 14.44% -11.28% -0.62%

Arizona 3.12% 2.35% 0.77% -1.44%




FISCAL PERFORMANCE SUMMARY:Periods ending June 30, 2020

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Municipal Income 2021 Fund Gross Expense Ratio: 0.40%2 0.74% 0.74% 1.53% 1.56% 2.01% 3.21%

Bloomberg Barclays Municipal Bond Index 2.08% 2.08% 4.45% 4.22% 3.93% 4.29%Bloomberg Barclays Municipal Bond 2021 Index Ex Tobacco/Prepaid Gas 1.24% 1.24% 2.21% 1.83% 2.21% 3.37%

Lipper Short Municipal Debt Funds Classification 0.78% 0.78% 1.68% 1.63% 1.29% --

Morningstar Fund Muni Target Maturity 1.67% 1.67% 2.82% 2.09% 2.09% --1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/19/2011.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.

DIVIDENDS AND YIELD: Fiscal Periods ending June 30, 2020

Past One Month Past Six Months Past One Year

30-Day SEC Yield 0.69% -- --

30-Day SEC Restated Yield -- -- --

30-Day SEC Tax-Equivalent Yield 1.17% -- --

Average Share Price $10.76 $10.76 $10.79

Dividends Per Share 1.72¢ 10.89¢ 22.24¢

Fiscal period represents the fund's semiannual or annual review period.







Ago

Health Care 25.60% 3.02% 22.58% 3.48%

Transportation 20.22% 8.78% 11.44% 3.74%




Special Tax 7.46% 9.91% -2.45% 2.16%


Tobacco 3.75% 0.00% 3.75% -0.09%

Electric & Gas 3.18% 2.70% 0.48% -2.58%

Water & Sewer 0.76% 5.76% -5.00% 0.89%

Pre-Refunded 0.32% 25.87% -25.55% -6.24%

Housing 0.00% 0.23% -0.23% -0.16%

Lease/Other 0.00% 0.36% -0.36% 0.00%





Six Months Ago

Years 2.8 3.3


DURATION

Six Months Ago

Years 2.7 3.1







Ago

U.S. Government 0.00% 0.00% 0.00% 0.00%

AAA 0.42% 23.39% -22.97% 1.67%

AA 39.71% 53.89% -14.18% -5.50%

A 39.44% 14.13% 25.31% -3.77%

BBB 14.43% 6.11% 8.32% 6.26%

BB 2.10% 0.00% 2.10% -0.02%

B 0.00% 0.00% 0.00% 0.00%

CCC & Below 0.00% 0.00% 0.00% 0.00%

Short-Term Rated 0.00% 0.00% 0.00% 0.00%

Not Rated/Not Available 0.83% 2.48% -1.65% -0.15%







Ago

Illinois 15.37% 3.86% 11.51% 0.34%

New Jersey 10.12% 3.73% 6.39% 4.04%

Florida 9.42% 4.01% 5.41% -1.10%

Ohio 7.39% 4.18% 3.21% -1.13%

New York 6.01% 13.05% -7.04% 0.14%

Pennsylvania 5.51% 3.46% 2.05% 0.11%

Nevada 4.10% 1.01% 3.09% -0.36%

Washington 4.07% 2.20% 1.87% -0.01%

Massachusetts 3.37% 3.33% 0.04% 0.43%

Arizona 3.31% 2.12% 1.19% -0.36%






6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Municipal Income 2023 Fund Gross Expense Ratio: 0.40%2 1.19% 1.19% 2.63% 2.58% 2.99% 2.67%

Bloomberg Barclays Municipal Bond Index 2.08% 2.08% 4.45% 4.22% 3.93% 3.44%Bloomberg Barclays Municipal Bond 2023 Index Ex Tobacco/Prepaid Gas 2.14% 2.14% 3.59% 2.89% 3.36% 2.72%

Lipper Intermediate Municipal Debt Funds Classification 1.06% 1.06% 2.90% 3.10% 2.87% --





30-Day SEC Yield 0.88% -- --












Ago

Health Care 31.27% 5.72% 25.55% 3.46%

Transportation 25.81% 10.29% 15.52% 2.69%




Special Tax 3.12% 12.06% -8.94% -1.00%

Tobacco 1.90% 0.00% 1.90% 0.22%


Pre-Refunded 0.05% 6.33% -6.28% -1.57%

Electric & Gas 0.00% 5.20% -5.20% -0.20%

Housing 0.00% 0.14% -0.14% 0.02%

Lease/Other 0.00% 0.29% -0.29% 0.04%

Water & Sewer 0.00% 7.76% -7.76% -0.89%





Six Months Ago

Years 4.9 5.4


DURATION

Six Months Ago

Years 4.5 4.8







Ago

U.S. Government 0.00% 0.00% 0.00% 0.00%

AAA 3.42% 23.86% -20.44% 3.43%

AA 31.53% 55.71% -24.18% -12.05%

A 37.06% 13.73% 23.33% 2.18%

BBB 26.14% 5.65% 20.49% 7.30%

BB 0.00% 0.00% 0.00% -1.47%

B 0.00% 0.00% 0.00% 0.00%

CCC & Below 0.00% 0.00% 0.00% 0.00%

Short-Term Rated 0.00% 0.00% 0.00% 0.00%

Not Rated/Not Available 0.93% 1.05% -0.12% -0.01%







Ago

Illinois 10.65% 5.05% 5.60% -2.66%

Pennsylvania 9.62% 4.45% 5.17% 1.02%

Massachusetts 9.18% 4.81% 4.37% 1.35%

Florida 8.15% 3.50% 4.65% 0.08%

Connecticut 7.23% 2.35% 4.88% 0.62%

New Jersey 5.93% 3.48% 2.45% 0.81%

Ohio 4.83% 2.90% 1.93% 0.56%

Missouri 4.51% 0.62% 3.89% 0.50%

Michigan 3.93% 1.52% 2.41% 0.78%

Maine 3.87% 0.13% 3.74% 0.46%






6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Municipal Income 2025 Fund Gross Expense Ratio: 0.40%2 0.43% 0.43% 2.47% 3.27% -- 3.04%

Bloomberg Barclays Municipal Bond Index 2.08% 2.08% 4.45% 4.22% 3.93% 4.09%Bloomberg Barclays Municipal Bond 2025 Index Ex Tobacco/Prepaid Gas 2.48% 2.48% 4.43% 3.92% -- 3.80%

Lipper Intermediate Municipal Debt Funds Classification 1.06% 1.06% 2.90% 3.10% 2.87% --





30-Day SEC Yield 1.23% -- --







14 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

DIVIDENDS AND YIELD30-Day SEC Restated Yield is the fund's 30-day yield without applicable waivers or reimbursements, stated as of month-end.

30-day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield".

30-day SEC Tax-Equivalent Yield shows what you would have to earn on a taxable investment to equal the fund's tax-free yield, if youare in the 37% effective federal income tax bracket and also subject to the 3.8% Medicare Contribution tax, but does not reflect the payment of the federal alternative minimum tax, if applicable. Medicare Contribution tax is a tax on non-municipal investment income that applies to individuals with incomes over $200,000 (or $250,000, filing jointly). For state-specific funds, TEY is based not only on the highest federal tax rate (40.8%) but also the highest statetax rate. For state-specific funds, TEYs assume investors are state residents and would not be able to take an itemized deduction on their federal returns for state taxes on investment income. For NY funds, TEYs reflect NYC income taxes and treat them the same as state taxes. For MD funds, TEYs reflect the highest city/county tax rates in MD and treat them the same as state taxes. Consult a tax professional for further detail.

Dividends per share show the income paid by the fund for a set period of time. If you annualize this number, you can compare the fund's income over different periods.

DURATIONDuration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration.

FUND RISKS

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. 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. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. As the fund approaches its liquidation date, the fund's securities will mature, and the fund may reinvest the proceeds in money market securities with lower yields than the securities previously held by the fund. Investment in a money market securities are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The amount of the funds income distributions will vary over time, and the breakdown of returns between fund distributions and liquidation proceeds will not be predictable at the time of investment, and you may experience a gain or loss for tax purposes.To fully benefit from the funds' expected decline in price volatility, investors should consider holding the funds to defined end date. Otherwise they may experience more price (NAV) uncertainty. A portion of fund distributions may be subject to state or federal income taxes, AMT, or taxable as capital gains. Principal invested is not guaranteed at any time, including at or after the funds target date. Leverage can increase market exposure and magnify investment risk.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Bloomberg Barclays Municipal Bond Index is a market-value-weighted index of investment-grade municipal bonds with maturitiesof one year or more.

Bloomberg Barclays Municipal Bond 2021 Index Ex Tobacco/Prepaid Gas is a market-value-weighted index of investment-grade fixed-rate bonds. The bonds must have a dated date after December 31, 1990, and must either have a stated maturity, a mandatory put, or be pre-refunded in 2021. Tobacco bonds, gas-prepaid, remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the index.

Bloomberg Barclays Municipal Bond 2023 Index Ex Tobacco/Prepaid Gas is a market-value-weighted index of investment-grade fixed-rate bonds. The bonds must have a dated date after December 31, 1990, and must either have a stated maturity, a mandatory put, or be pre-refunded in 2023. Tobacco bonds, gas-prepaid, remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the index.

Bloomberg Barclays Municipal Bond 2025 Index Ex Tobacco/Prepaid Gas is a market-value-weighted index of investment-grade fixed-rate bonds. The bonds must have a dated


15 |

date after December 31, 1990, and must either have a stated maturity, a mandatory put, or be pre-refunded in 2025. Tobacco bonds, gas-prepaid, remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the index.

LIPPER INFORMATIONLipper Averages are averages of the performance of all mutual funds within their respective investment classification category. The number of funds in each category periodically changes. Lipper, a Refinitiv company, is a nationally recognized organizationthat ranks the performance of mutual funds.

MORNINGSTAR INFORMATION© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

SECTOR WEIGHTSSector weights illustrate examples of market segments in which thefund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any subset of the market.

WEIGHTED AVERAGE MATURITYWeighted average maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.



Manager Facts

Elizah McLaughlin is a portfolio manager within the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financialintermediaries, and individuals.

As a member of Fidelity's municipal bond team, Ms. McLaughlin manages Fidelity and Fidelity Advisor national, state, and defined maturity municipal bond funds. She also manages municipal bond portfolios for institutional clients.

Prior to assuming her current role, Ms. McLaughlin managed Fidelity Tax-Exempt Money Market Fund and various Fidelity state municipal money market funds. Previously, she held various roles within Fidelity, including analyst, associate analyst, and research associate. She has been in the financial industry since joining Fidelity in 1997.

Ms. McLaughlin earned her bachelor of arts degree in economics and biological sciences from Wellesley College and master of business administration degree from The Johnson Graduate School of Management at Cornell University. She is also a CFA® charterholder.

Cormac Cullen is a portfolio manager within the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Cullen co-manages Fidelity and Fidelity Advisor Intermediate Municipal Income Funds, Fidelity and Fidelity Advisor Limited Term Municipal Income Funds, Fidelity and Fidelity Advisor Municipal Income Fund, Fidelity Tax-Free Bond Fund, and Fidelity's Defined Maturity Funds – Fidelity and Fidelity Advisor Municipal Income 2021, 2023, and 2025 Funds. He also co-manages Fidelity's state municipal bond funds.

Prior to assuming his current position in 2016, Mr. Cullen was a research analyst covering tax exempt health care, tobacco and transportation issuers for the bond and money market funds. Previously, he supported the Fixed Income division as a structured analyst and senior legal counsel.

Before joining Fidelity in 2007, Mr. Cullen worked as a municipal bond attorney at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., in Boston. He has been in the financial industry since 2001.

Mr. Cullen earned his bachelor of arts degree in philosophy and psychology from Boston College, his master of arts degree in philosophy from Boston College, and his juris doctorate from the

University of Virginia Law School.

Michael Maka is a portfolio manager in the Fixed Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Maka co-manages Fidelity and Fidelity Advisor Intermediate Municipal Income Funds, Fidelity and Fidelity Advisor Limited Term Municipal Income Funds, Fidelity and Fidelity Advisor Municipal Income Funds, Fidelity Tax-Free Bond Fund, and Fidelity's Defined Maturity Funds-Fidelity and Fidelity Advisor Municipal Income 2021, 2023, and 2025 Funds. He also manages Fidelity's state municipal bond funds and various municipal bond portfolios for institutional clients.*

Previously, Mr. Maka served as the head of municipal trading where he oversaw the trading of municipal bonds and municipal money-market securities. Additionally, he was a municipal bond trader and a research associate in the municipal group covering the tax-backed sector. He has been in the financial industry sincejoining Fidelity in 2000.

Mr. Maka earned his bachelor of science degree, summa cum laude, in business administration from Babson College. He is also a CFA® charterholder.

PERFORMANCE SUMMARY:Quarter ending December 31, 2020

Annualized1

Year3

Year5

Year10 Year/

LOF1

InceptionDate

Fidelity Municipal Income 2021 Fund Gross Expense Ratio: 0.40%2 1.26% 1.81% 1.55% 3.09% 05/19/2011

Fidelity Municipal Income 2023 Fund Gross Expense Ratio: 0.40%2 2.70% 2.89% 2.57% 2.69% 04/23/2013

Fidelity Municipal Income 2025 Fund Gross Expense Ratio: 0.40%2 3.73% 4.09% -- 3.53% 05/25/2017

1 Life of Fund (LOF) if performance is less than 10 years.2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice.

Diversification does not ensure a profit or guarantee against a loss.

Information included on this page is as of the most recent calendar quarter.S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2021 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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