Dupree Tax-Free Income Series MS

(DUMSX)
Transaction Fee Fund

Transaction Fee/Load 1

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YTD Performance as of 05/22/2013 0.49%
1 Year* 4.41%
3 Year* 5.89%
5 Year* 5.46%
10 Year* 4.49%
Life* 5.84%
NAV as of 05/22/2013 12.16
Morningstar Category Muni Single State Interm
Overall Morningstar Rating Morningstar Rating 4 star
12 Month Low-High $12.00 - $12.47
Net Assets ($M) as of 04/30/2013 $8.70
Minimum to Invest $2,500.00 ($2,500.00 for IRA)
Transaction Fee (online) $75.00
Expense Ratio 0.91%
* Performance as of 04/30/2013 | All performance data above is not load-adjusted.
 Additional performance data including quarter-end returns
 Detailed Quote

Performance & Volatility (DUMSX)

Average Annual Total Returns (%)

2  as of 04/30/2013   More information
DUMSX
1 Year 4.41
3 Year 5.89
5 Year 5.46
10 Year 4.49

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance for periods less than one year are cumulative, not annualized. Total returns include changes in share price and reinvestment of dividends and capital gains, if any.

Volatility Measure

 as of 04/30/2013More information
Beta 1.02
R² 0.94
Standard Deviation 3.95
All measures are over a 3 year period.

  More about Performance & Risk

Portfolio Data

  More information
Weighted Average Maturity as of 04/30/2013 6.25  Years
Duration as of 04/30/2013 6.24  Years

Ratings (DUMSX)

Overall Morningstar Ratings

 as of 04/30/2013  More information
Overall MorningStar Rating 4stars

The number of funds in Morningstar's Muni Single State Interm category was 221. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Ratings Metrics as of the date stated. See more information on the fund's Morningstar Ratings.

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Growth of Hypothetical $10,0003

Shows growth of a hypothetical $10,000 investment in Dupree Tax-Free Income Series MS over the selected time period.
Time Frame
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Composition (DUMSX)

Profile

  More information

The investment seeks to provide a high level of income exempt from federal and Mississippi personal income taxes derived from Mississippi municipal securities without incurring undue risk to principal. The fund's assets will be invested so that at least 80% of the income will be exempt from Federal and Mississippi income taxes or it will have at least 80% of its net assets invested in securities exempt from Federal and Mississippi income taxes. The nominal maturity of the fund will normally be 10 years or more. It is non-diversified.

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Fund Manager

  More information
Fund Manager(s): Eugene Gard, Vincent Harrison

Top 10 Holdings

4  as of 04/30/2013  More information
Mississippi St Go Bds 5% - 10/01/36
Mississippi Dev Bk Spl Obl Go Bond 5.75% - 10/01/31
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 03/01/25
Mississippi Dev Bk Spl Obl Spl Obl 5.25% - 08/01/27
Mississippi Dev Bk Spl Obl Special O 5% - 01/01/27
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 04/01/36
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 01/01/27
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 04/01/28
Mississippi Dev Bk Spl Obl Spl Ref B 5% - 01/01/25
Mississippi Dev Bk Spl Obl Spl Obl 5.25% - 07/01/31
Please download appropriate Flash Player to see the
"Top Ten Holdings chart".
39.25% of Portfolio

  More about Composition

Unless otherwise noted, all data is provided by Morningstar, Inc. All rights reserved
  1. Transaction Fee:

    A transaction fee is similar to a brokerage fee or commission which you pay when you buy or sell a stock. For some funds available through Fidelity you are required to pay a transaction fee. However, you will not pay a sales load on Transaction Fee (TF) funds. You will only be charged a transaction fee when you buy a FundsNetwork TF fund, not when you sell one. All other fees and expenses described in a fund's prospectus still apply. You can choose to buy or sell shares directly from the fund itself or its principal underwriter or distributor without paying a transaction fee to Fidelity.

    Sales load:

    A sales charge added to the price of the fund. Funds have different sales charge structures, including front-end loads,back-end loads (deferred), and no loads. Sales loads can either be charged when a fund is purchased, commonly known as a front-end load, or when a fund is sold, known as a deferred load. Not all funds charge a load. Refer to the Loads, Expense and Minimums section of the fund's prospectus for details on these amounts. Although no load funds do not have a front-end or deferred load, they may incur other fees, such as a 12b-1 fee.

    Online: $75 flat fee

    Fidelity Automated Service Telephone (FAST): 25% off representative-assisted rates, Maximum: $187.50, Minimum:$75
    Representative-Assisted: 0.75% of principal, Maximum: $250, Minimum: $100
    Automatic Investment: $5 per transaction, after the initial investment.
  2. Total returns include changes in share price and reinvestment of dividends and capital gains, if any. Quarter-end returns include the effect of any applicable recurring and non-recurring fees (including short-term trading fees or redemption fees).
  3. The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on commencement of operations (whichever is later). Figures include reinvestment of capital gains and dividends, but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. This chart is not intended to imply any future performance of the fund.
  4. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.
2011 Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar or its affiliates; (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 Morningstar data and is not liable for any damages or losses arising from its use.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Average Annual Total Returns (%) vs. Benchmark

1 as of 04/30/2013More information
DUMSX
1 Year 4.41
3 Year 5.89
5 Year 5.46
10 Year 4.49
Please note: Benchmark information may not be displayed for up to ten days at the beginning of each month.
Please download appropriate Flash Player to see the
"Average Annual Total Returns performance chart".

Performance (DUMSX)

Cumulative Total Returns (%)

 as of 05/22/2013  More information
YTD 0.4906

Yields (%)

2  as of 04/30/2013  More information
30-Day Yield: 1.80

Cumulative Total Returns (%)

1 as of 04/30/2013  More information
DUMSX
YTD 0.00
1 Month 0.27
3 Month -0.26
6 Month 0.43

Quarter-End Average Annual Total Returns (%)

1as of 03/31/2013  More information
Morningstar Data provided by Morningstar, Inc.
Expense Ratio: as of 11/01/2012 0.91%
Return before Taxes
DUMSX
1 Year 5.31
3 Year 6.16
5 Year 5.70
10 Year 4.65
Return after Taxes on Distributions
DUMSX Muni Single State Interm Average*
1 Year 5.31 7.25
3 Year 6.16 6.49
5 Year 5.70 4.01
10 Year 4.64 4.10
Return after Taxes on Distributions & Sale of Fund Shares
DUMSX Muni Single State Interm Average*
1 Year 4.59 5.97
3 Year 5.61 6.08
5 Year 5.30 3.95
10 Year 4.50 4.06

Risk and Volatility Measure (DUMSX)

Volatility Measure 

as of 04/30/2013 More information
Beta 1.02
R² 0.94
Standard Deviation 3.95
All measures are over a 3 year period.

Risk

  

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. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Read more about fund expenses.

Read more about after-tax returns and Morningstar definitions.

* Category average

Quarter-End returns include all applicable recurring and non-recurring fees (including short-term trading or redemption fees) and charges, if any.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance for periods less than one year are cumulative, not annualized. Total returns include changes in share price and reinvestment of dividends and capital gains, if any.

Historical Fund Performance | Chart Fund Price (NAV)
Unless otherwise noted, all data is provided by Morningstar, Inc. All rights reserved
  1. Total returns include changes in share price and reinvestment of dividends and capital gains, if any. Quarter-end returns include the effect of any applicable recurring and non-recurring fees (including short-term trading fees or redemption fees).
  2. The fund's 30-day yield is based on yield to maturity of a fund's investments over a 30-day period and not on the dividends paid by the fund, which may differ.
2011 Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar or its affiliates; (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 Morningstar data and is not liable for any damages or losses arising from its use.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Ratings (DUMSX)

Morningstar Ratings 

as of 04/30/2013  More information
5 out of 5 stars 3 Year Morningstar Ratings
4 out of 5 stars 5 Year Morningstar Ratings
out of 5 stars 10 Year Morningstar Ratings
4out of 5 stars Overall Morningstar Ratings

An overall rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating Metrics as of the date stated. The number of funds in the Muni Single State Interm category tracked by Morningstar was 221 for the 3 year period and Overall Ranking; 218 for the 5 year period; and 201 for the 10 year period. Please click on the question mark above for additional Morningstar information.

Past performance is no guarantee of future results.

 

Fund Picks (DUMSX)

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Unless otherwise noted, all data is provided by Morningstar, Inc. All rights reserved
2011 Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar or its affiliates; (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 Morningstar data and is not liable for any damages or losses arising from its use.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Strategy & Objective (DUMSX)

Profile

  More information

The investment seeks to provide a high level of income exempt from federal and Mississippi personal income taxes derived from Mississippi municipal securities without incurring undue risk to principal. The fund's assets will be invested so that at least 80% of the income will be exempt from Federal and Mississippi income taxes or it will have at least 80% of its net assets invested in securities exempt from Federal and Mississippi income taxes. The nominal maturity of the fund will normally be 10 years or more. It is non-diversified.

Municipal Bond Single State

  

Disclosure

  

A portion of the fund's income may be subject to state taxes, local taxes, and the federal Alternative Minimum Tax (AMT).

  

Fund Facts (DUMSX)

Fiscal Year End June
CUSIP 266155878
Fund Inception 12/31/1999
Net Assets as of 04/30/2013 ($M) 8.7
Fund Symbol DUMSX
Order Cutoff Time* 4:00 PM ET

* You must place your orders by the cutoff time to receive today's closing price. Orders placed after the cutoff time will receive tomorrow's closing price.
Prospectus & Reports

Holdings (DUMSX)

Top 10 Holdings

1  as of 04/30/2013  More information
Mississippi St Go Bds 5% - 10/01/36
Mississippi Dev Bk Spl Obl Go Bond 5.75% - 10/01/31
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 03/01/25
Mississippi Dev Bk Spl Obl Spl Obl 5.25% - 08/01/27
Mississippi Dev Bk Spl Obl Special O 5% - 01/01/27
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 04/01/36
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 01/01/27
Mississippi Dev Bk Spl Obl Spl Oblig 5% - 04/01/28
Mississippi Dev Bk Spl Obl Spl Ref B 5% - 01/01/25
Mississippi Dev Bk Spl Obl Spl Obl 5.25% - 07/01/31
Please download appropriate Flash Player to see the
"Top Ten Holdings chart".
39.25% of Portfolio

Asset Allocation (%)

1  as of 04/30/2013  More information
04/30/2013
Domestic Bonds 99.88
Cash 0.12

Turnover Rate as of 12/31/2012 3.68%

Prospectus & Shareholder Reports

Portfolio Data

  More information
Weighted Average Maturity as of 04/30/2013 6.25  Years
Duration as of 04/30/2013 6.24  Years
Unless otherwise noted, all data is provided by Morningstar, Inc. All rights reserved
  1. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.
2011 Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar or its affiliates; (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 Morningstar data and is not liable for any damages or losses arising from its use.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Fees, Expenses & Loads (DUMSX)

Click on each fee to view additional information and read the footnotes to understand the specific policy regarding each fee.

Fidelity Brokerage Fees

1   More information
Transaction Fee (Online): $75

Fund Management & Admin. Fees

  More information
Management Fee: 0.50%
Expense Ratio: as of 11/01/2012 0.91%
Expense Ratio after Reductions: as of 11/01/2012 0.91%
Expense Ratio after Reductions reflect fund expenses net of fee waivers or reimbursements (if any), which may be voluntary or contractual and expire. For important details regarding the fund's expense waiver/reimbursement arrangements, please see the fund prospectus.


See the Understanding Fees section and the fund prospectus for more information on Fees, Expenses & Loads.
 

Features (DUMSX)

Fund Features

  More information
Minimum Initial Investment $2,500
Minimum Retirement $2,500
Minimum Additional Investment $250
Minimum Automatic Account Builder $100
Simple IRA No

Prices & Distribution (DUMSX)

Price History

 as of 04/30/2013   More information
12 Month Low-High $12.00 - $12.47
Monthly Low-High $12.12 - $12.26
On 04/30/2013 $12.12
Chart Fund Price (NAV)

Distribution Schedule

  More information
Dividends: Monthly
Capital Gains: Annually
Unless otherwise noted, all data is provided by Morningstar, Inc. All rights reserved
  1. Transaction Fee:

    A transaction fee is similar to a brokerage fee or commission which you pay when you buy or sell a stock. For some funds available through Fidelity you are required to pay a transaction fee. However, you will not pay a sales load on Transaction Fee (TF) funds. You will only be charged a transaction fee when you buy a FundsNetwork TF fund, not when you sell one. All other fees and expenses described in a fund's prospectus still apply. You can choose to buy or sell shares directly from the fund itself or its principal underwriter or distributor without paying a transaction fee to Fidelity.

    Sales load:

    A sales charge added to the price of the fund. Funds have different sales charge structures, including front-end loads,back-end loads (deferred), and no loads. Sales loads can either be charged when a fund is purchased, commonly known as a front-end load, or when a fund is sold, known as a deferred load. Not all funds charge a load. Refer to the Loads, Expense and Minimums section of the fund's prospectus for details on these amounts. Although no load funds do not have a front-end or deferred load, they may incur other fees, such as a 12b-1 fee.

    Online: $75 flat fee

    Fidelity Automated Service Telephone (FAST): 25% off representative-assisted rates, Maximum: $187.50, Minimum:$75
    Representative-Assisted: 0.75% of principal, Maximum: $250, Minimum: $100
    Automatic Investment: $5 per transaction, after the initial investment.
2011 Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar or its affiliates; (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 Morningstar data and is not liable for any damages or losses arising from its use.

Before investing, consider the fund's investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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