Fidelity® Pennsylvania Municipal Income Fund

  • Symbol: FPXTX
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Summary

Morningstar® Snapshot*

AS OF 08/31/2014; MORNINGSTAR CATEGORY: Muni Pennsylvania
Returns 3 out of 5, Average Returns
LOWAVGHIGH
Expenses 1 out of 5, Low Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:3, where 1 is Lower and 10 is Higher
LOWERHIGHER

*All data provided by Morningstar. Please click on each indicator above to learn more about comparison groups and methodology.

Performance

 2 More Information
AS OF 8/31/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +7.11% 1 Yr +10.60% 3 Yr +5.01% 5 Yr +5.20% 10 Yr +4.48%
*AS OF 9/17/2014; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 08/31/2014; MORNINGSTAR CATEGORY: Muni Pennsylvania
Shows growth of hypothetical $10,000 investment in Fidelity® Pennsylvania Municipal Income Fund compared to Barclays Muni,Barclays PA 50/5,Muni Pennsylvania over the selected time period
Fidelity® Pennsylvania Municipal Income Fund
Muni Pennsylvania

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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Mark Sommer since 6/1/2002

Fund Overview

Objective

Seeks as high a level of current income, exempt from federal income tax and Pennsylvania personal income tax, as is consistent with its investment characteristics.

Strategy

Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal and Pennsylvania personal income taxes. Engaging in transactions that have a leveraging effect on the fund.

Risk

Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Leverage can increase market exposure and magnify investment risk. Income exempt from federal income tax may be subject to state or local tax. All or a portion of the fund's income may be subject to the federal alternative minimum tax. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes.

Additional Disclosures

A mutual fund registered under Fidelity Municipal Trust, and managed by Fidelity Management & Research Company. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category Muni Pennsylvania
Fund Inception 8/6/1986
NAV
9/17/2014
$11.23
Glossary definition opens in new window.Exp Ratio (Gross)
3/1/2014
0.49%
($4.90 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
3/1/2014
0.49%
($4.90 per $1000)
Redemption Fee 0.50%
Redemption Period 30 days
Minimum to Invest 5 $10,000.00
Turnover Rate
6/30/2014
7%
Glossary definition opens in new window.Portfolio Net Assets ($M)
8/31/2014
$441.24
12 Month Low-High
8/31/2014
$10.60 - $11.30

Fixed Income Characteristics

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30-Day Yield 6
1.95%
8/31/2014
Tax Equivalent Yield
3.66%
9/17/2014

Portfolio Diversification (Bonds)

 7 More Information
AS OF 7/31/2014
Revenue Bonds 70.91%
General Obligation Bonds 27.10%
Cash & Net Other Assets 1.99%
Futures, Options, and Swaps 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 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.

The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertible preferred stocks and stock index futures and options), Bond (all debt instruments, including investment grade, non-investment grade, non-rated securities and convertible bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivables and payables).

Quarter-End Average Annual Total Returns

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AS OF 6/30/2014; FUND INCEPTION 8/6/1986 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.49% AS OF 3/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity® Pennsylvania Municipal Income Fund 6.27% 5.35% 5.31% 4.68% 5.99%
Glossary definition opens in new window.After Taxes on Distributions
Fidelity® Pennsylvania Municipal Income Fund 6.10% 5.28% 5.24% 4.62% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity® Pennsylvania Municipal Income Fund 5.19% 4.95% 4.98% 4.52% --

Read more about after-tax returns.

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2013 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 fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Performance & Risk

Average Annual Total Returns

 8, 3, 2 More Information
AS OF 8/31/2014; FUND INCEPTION 8/6/1986
1 Yr 3 Yr 5 Yr 10 Yr Life
Fidelity® Pennsylvania Municipal Income Fund 10.60% 5.01% 5.20% 4.48% 6.01%
Barclays Muni 10.14% 4.88% 5.39% 4.77% 6.31%
Barclays PA 50/5 10.36% 5.22% 5.48% 4.90% --
Muni Pennsylvania 10.26% 4.59% 5.04% 3.96% --
Rank in Morningstar Category 46% 39% 35% 18% --
# of Funds in Morningstar Category 80 78 76 65 --

Yield

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9/16/2014 8/31/2014
30-Day Yield 6 2.01% 1.95%

Tax Equivalent Yields

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AS OF 9/17/2014
Tax Rate 28% 33% 38.8% 43.4%
Yield 2.88% 3.10% 3.39% 3.66%

Hypothetical Growth of $10,000

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AS OF 08/31/2014; MORNINGSTAR CATEGORY: Muni Pennsylvania
Fidelity® Pennsylvania Municipal Income Fund
Muni Pennsylvania
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
This Fund 4.28% 2.70% 4.02% 3.94% -0.77% 9.70% 2.02% 9.76% 7.13% -2.50% 7.61%
Benchmark 4.48% 3.51% 4.84% 3.36% -2.47% 12.91% 2.38% 10.70% 6.78% -2.55% 7.47%
Benchmark-2 4.26% 3.31% 4.63% 3.95% -1.08% 11.95% 2.26% 10.39% 7.07% -1.91% 7.44%
Category 3.43% 3.05% 4.40% 1.67% -7.76% 16.61% 1.48% 9.84% 7.47% -4.62% 8.03%
+/- Benchmark -0.20% -0.81% -0.82% 0.58% 1.70% -3.21% -0.36% -0.94% 0.35% 0.05% 0.14%
+/- Benchmark-2 0.02% -0.61% -0.61% -0.01% 0.31% -2.25% -0.24% -0.63% 0.06% -0.59% 0.17%
+/- Category 0.85% -0.35% -0.38% 2.27% 6.99% -6.91% 0.54% -0.08% -0.34% 2.12% -0.42%

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

 3, 2 More Information
AS OF 6/30/2014; FUND INCEPTION 8/6/1986 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.49% AS OF 3/1/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity® Pennsylvania Municipal Income Fund 6.27% 5.35% 5.31% 4.68% 5.99%
Glossary definition opens in new window.After Taxes on Distributions
Fidelity® Pennsylvania Municipal Income Fund 6.10% 5.28% 5.24% 4.62% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity® Pennsylvania Municipal Income Fund 5.19% 4.95% 4.98% 4.52% --

Read more about after-tax returns.

Cumulative Total Returns

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AS OF 8/31/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Fidelity® Pennsylvania Municipal Income Fund 7.11% 7.61% 1.17% 1.64% 4.56%
Fidelity® Pennsylvania Municipal Income Fund  (Load Adjusted) -- -- 0.67% -- --
Barclays Muni -- 7.47% 1.21% 1.48% 4.19%
Barclays PA 50/5 -- 7.44% 1.23% 1.64% 4.33%
Muni Pennsylvania -- 8.03% 1.35% 1.38% 4.44%
*AS OF 9/17/2014

Fund Risk and Return

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AS OF 8/31/2014; MORNINGSTAR CATEGORY: Muni Pennsylvania
Risk of this Category Category Risk Rating:3, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Leverage can increase market exposure and magnify investment risk. Income exempt from federal income tax may be subject to state or local tax. All or a portion of the fund's income may be subject to the federal alternative minimum tax. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes.

Volatility Measures

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Beta 1.01
AS OF 8/31/2014

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index, such as the S&P 500 or EAFE index, has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index.

R2 0.99
AS OF 8/31/2014

A measurement of how closely the portfolio's performance correlates with the performance of a benchmark index, such as the S&P 500. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R2 value of less than 0.5 indicates that the Annualized Alpha and Beta are not reliable performance statistics.

Sharpe Ratio 1.26
AS OF 8/31/2014

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 3.92
AS OF 8/31/2014

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Volatility measures are based on the variability of historical returns of the portfolio. In the case of annuity funds, this is before the effect of annuity charges. Relative Volatility, Beta, and R2 compare a portfolio's total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.

Historical Fund Performance

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Current year's data as of: 8/31/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 7.61% $0.033 $0.248211155 $441.24
2013 -2.50% $0.046 $0.370448708 $404.62
2012 7.13% $0.026 $0.386312567 $486.96
2011 9.76% -- $0.41513526 $422.36
2010 2.02% $0.073 $0.418303961 $430.34
2009 9.70% -- $0.406898819 $427.89
2008 -0.77% $0.023 $0.415631519 $325.59
2007 3.94% $0.045 $0.418892245 $316.21
2006 4.02% $0.011 $0.433098751 $304.93
2005 2.70% $0.073 $0.43902782 $306.08

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Characteristics and Attribution

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2013 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 fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Ratings

Morningstar Ratings

AS OF 08/31/2014; MORNINGSTAR CATEGORY: Muni Pennsylvania
Overall
4 out of 5 stars
Out of 78 funds
3 Yr
4 out of 5 stars
Out of 78 funds
5 Yr
3 out of 5 stars
Out of 76 funds
10 Yr
4 out of 5 stars
Out of 65 funds

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 Metrics as of the date stated. The number of funds in the Muni Pennsylvania category tracked by Morningstar was 78 for the 3 year period and Overall Ranking; 76 for the 5 year period; and 65 for the 10 year period. Please click on the question mark above for additional Morningstar information.

Past performance is no guarantee of future results.

Lipper Ranking

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AS OF 8/31/2014; LIPPER PEER GROUP: PA Municipal Debt
1 Yr
#28 out of 58 funds
5 Yr
#20 out of 54 funds
10 Yr
#8 out of 44 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

2013 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 fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Composition

Portfolio Diversification (Bonds)

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AS OF 7/31/2014
Portfolio Weight Barclays Muni
Revenue Bonds 70.91% 51.54%
General Obligation Bonds 27.10% 47.24%
Cash & Net Other Assets 1.99% 1.22%
Additional Diversification
AS OF 7/31/2014
Futures, Options, and Swaps 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 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.

The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertible preferred stocks and stock index futures and options), Bond (all debt instruments, including investment grade, non-investment grade, non-rated securities and convertible bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivables and payables).

Revenue Source Diversification

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AS OF 7/31/2014
Portfolio Weight Barclays Muni
Health Care 21.51% 8.30%
Local Obligations 17.62% 16.09%
Higher Education 15.35% 5.65%
Transportation 10.66% 13.53%
Electric & Gas 8.38% 6.05%
Water & Sewer 6.42% 8.65%
Pre-Refunded 6.11% 5.39%
State Obligations 5.33% 17.35%
Special Tax 2.87% 12.94%
Corporate-Backed 2.49% 2.10%
Lease/Other 1.29% 1.26%
Housing 0.00% 1.14%
Tobacco 0.00% 0.33%
Cash & Net Other Assets 1.97% 1.22%

Credit Quality

 7, 10 More Information
AS OF 7/31/2014
U.S. Government 0.00%
AAA 0.69%
AA 58.91%
A 27.34%
BBB 10.40%
BB 0.68%
B 0.00%
CCC & Below 0.00%
Short-Term Rated 0.00%
Not Rated/Not Available 0.00%
Cash & Net Other Assets 1.98%

Historical Fund Information

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Conversion: to a Spartan Fund 3/1/1990
Name Change: formerly Spartan Pennsylvania Municipal High Yield Portfolio 2/20/1996

Fixed Income Characteristics

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30-Day Yield 6
1.95%
8/31/2014
Tax Equivalent Yield
3.66%
9/17/2014

Duration Distribution

 7 More Information
AS OF 7/31/2014
<= 1 year
4.82%
1 <= 2 years
12.90%
2 <= 3 years
5.55%
3 <= 4 years
7.79%
4 <= 5 years
4.33%
5 <= 6 years
8.14%
6 <= 8 years
21.80%
8 <= 10 years
14.63%
10+ years
18.05%
Not Available
1.99%

Maturity Distribution

 7 More Information
AS OF 7/31/2014
0 <= 1 year
0.12%
1 <= 3 years
5.94%
3 <= 5 years
4.52%
5 <= 10 years
21.88%
10 <= 15 years
27.39%
15 <= 20 years
15.09%
20+ years
25.06%

Fixed Income StyleMap®*

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AS OF 7/31/2014
Credit Quality
High
Med current
Low
Ltd Mod Ext
Interest Rate Sensitivity
Current
Historical

Medium Quality Moderate Sensitivity

Hold securities with a medium asset-weighted average credit rating and a moderate sensitivity to interest rate changes as defined by the fund's effective duration, both according to Morningstar's rating system.

*99.88%  Fund Assets Covered

State Diversification

 7 More Information
AS OF 7/31/2014
Pennsylvania 95.79%
Pennsylvania, New Jersey 1.62%
Guam 0.57%
Puerto Rico 0.03%
out of 166 holdings

Country Diversification

 7 More Information
AS OF 7/31/2014
USA
100.00%

Currency Diversification

 7 More Information
AS OF 7/31/2014
US Dollar
100.00%

Subject to Alternative Min Tax

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Maximum Allowed 11
100%

Fund Facts

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Fiscal Year End
December
Fund Inception
8/6/1986
Fund Number
402
Fund Symbol
FPXTX
Order Cutoff Time
04:00 PM EST

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Browse Our Proxy Voting Results

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2013 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 fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Fees and Distributions

Expenses & Fees

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Distribution and/or service fee(12b-1) Fees
0.00%
Short-Term Redemption Fee
0.50%
Short-Term Redemption Period
30 Days
Small Balance Fee 12

You can receive a prospectus from Fidelity by mail

See prospectus for more information on Fees, Expenses & Loads.

Minimums

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Initial Investment
$10,000.00
Additional Investment
$0.00
Initial Group Retirement Investment 5
$10,000.00
Additional Group Retirement Investment
$0.00
Required Balance
$5,000.00
Direct Deposit
$0.00

Features

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Retirement Accounts
no
Check Writing
no
Direct Deposit
yes
Automatic Account Builder
yes
Max Exchange Redemptions in a Year
yes
Simple IRA
no

Distribution

Dividend History

Date Per Share Amount Reinvestment Price
8/31/14 $0.031463211 $11.30
7/31/14 $0.031140251 $11.20
6/30/14 $0.030296072 $11.18
5/31/14 $0.032032379 $11.21

Capital Gains History

Date Per Share Amount Reinvestment Price
2/14/14 $0.033 $10.92
12/20/13 $0.04 $10.78
2/08/13 $0.006 $11.46
12/21/12 $0.026 $11.46

Pricing

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AS OF 8/31/2014
NAV
$11.23
9/17/2014
12 Month Low-High
$10.60 - $11.30
Monthly Low-High
$11.20 - $11.30
On 8/31/2014
$11.30

Price History By Month

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Actual Values: Aug. 2014 to Aug. 2013

Close Low High
Aug $11.30 $11.20 $11.30
Jul $11.20 $11.14 $11.23
Jun $11.18 $11.14 $11.20
May $11.21 $11.11 $11.21
Apr $11.10 $10.99 $11.10
Mar $11.01 $10.96 $11.02
Feb $10.99 $10.92 $10.99
Jan $10.94 $10.77 $10.96
Dec $10.77 $10.77 $10.85
Nov $10.86 $10.84 $10.91
Oct $10.91 $10.80 $10.91
Sep $10.86 $10.60 $10.86
Aug $10.64 $10.64 $10.83

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. 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. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund you already own.

6. 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".

7. 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. The Top Ten holdings do not include money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. 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.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

8. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

9. The tax-equivalent yields (TEYs) estimate what you would have to earn on a taxable investment to equal the fund's tax-exempt yield for a given tax rate. TEYs are calculated by first dividing that portion of a fund's yield that is tax-exempt by one minus the specified federal tax rate, or if it is a state specific fund, by one minus the combined federal tax rate indicated and the state tax rate associated with the upper income limit of that federal tax bracket. Then, that amount is added to the portion, if any, of the fund's yield that is not tax-exempt. TEYs do not reflect tax credits, exemptions, limits on itemized deductions, or federal and/or state alternative minimum taxes. For state specific funds, TEYs also assume investors are state residents and take an itemized deduction for state income taxes on their federal tax returns. For NY funds, TEYs also reflect NYC income taxes and treat them the same as state taxes.

The two highest federal tax brackets include a Medicare surtax of 3.8% imposed by the Patient Protection and Affordable Care Act of 2010. Many, but not all taxpayers in the 33% bracket will also be affected. Consult a tax professional for further detail.

AMT Holdings reflects the percentage of the fund's holdings subject to the federal alternative minimum tax (AMT) as of the date indicated. It does not correspond precisely with the fund's income subject to the AMT because bonds whose income is subject to the AMT usually pay higher dividend income to compensate for the additional tax. As a result, the percentage of income subject to the AMT is usually higher than the AMT holdings shown. AMT holdings can vary significantly throughout the year and may not be representative of the average AMT holdings for the entire year.

10. 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');Standard & Poor's Rating Services (S&P); or Fitch, Inc. If none of these three NRSROs publishes a rating, then the security is 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.

11. A portion of the fund's income may be subject to state, local, and/or the federal alternative minimum tax.

12. Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value less than $2,000. Fund positions opened after September 30 will not be subject to the fee for that calendar year. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use regular investment plans. Refer to the fund prospectus for details.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

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