|Portfolio Weight||High Yield Muni|
|Cash & Equivalents||0.68%||1.97%|
|Non-Agency Residential Mortgage-Backed||0.00%||0.00%|
|Jefferson Cnty Ala Swr Rev Swr Rev W||0.82%|
|New York Liberty Dev Corp Libe Rev 7.25%||0.73%|
|Collier Cnty Fla Indl Dev Auth 8.25%||0.70%|
|Public Auth 6.5%||0.67%|
|Virginia Small Busn Fing A Rev Bds 5%||0.65%|
|Grand Parkway Transn Corp Tex Toll 5%||0.65%|
|Sanger Tex Indl Dev Corp Indl Rev Bds 8%||0.59%|
|Desert Calif Cmnty College Dis Cmnty Col||0.58%|
|Texas Private Activity Bd Surf Sr Lie 7%||0.57%|
|Indiana St Fin Auth 5.25%||0.56%|
|% of Total Portfolio||6.52%|
Low Quality Extensive Sensitivity
Hold securities with a low asset-weighted average credit rating and a high sensitivity to interest rate changes as defined by the fund's effective duration, both according to Morningstar's rating system.
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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.
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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.
2. 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.
Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment options 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 as an 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 (or round to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.
3. 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".
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.