FMUN

The fund seeks to provide a high current yield exempt from federal income tax. The fund is managed with a passive investment strategy where investing at least 80% of assets in municipal securities Fidelity Systematic U.S. Municipal Bond Index. The Index provides a comprehensive representation of the U.S. investment-grade tax-exempt municipal bond market. It uses a rules-based approach to improve its performance over traditional market-capitalization-weighted municipal bond indices while aiming to maintain some of the key risk characteristics. In accordance with its methodology, the Fidelity Systematic U.S. Municipal Bond Index aims to modestly increase exposure to securities with attractive risk-adjusted performance and liquidity characteristics. The universe of securities includes U.S. dollar-denominated investment-grade debt publicly issued in the domestic market by U.S. cities, states, counties, or other local governments.