Mutual Fund Summary Prospectus (497k)
March 01 2013 - 10:05AM
Edgar (US Regulatory)
Fund
/Ticker
Fidelity
®
Ohio Municipal Income Fund
/FOHFX
Summary Prospectus
March 1, 2013
Fund Summary
Fund:
Fidelity
®
Ohio Municipal Income Fund
Investment Objective
The fund seeks a high level of current income exempt from federal income tax and Ohio personal income tax.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.
|
Shareholder fees
(fees paid directly from your investment)
|
|
|
Redemption fee on shares held less than 30 days (as a % of amount redeemed)
|
0.50%
|
Annual fund operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee
|
0.37%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
|
0.12%
|
|
Total annual fund operating expenses
|
0.49%
|
This
example
helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses
for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in
total expenses if you sell all of your shares at the end of each time period indicated:
|
1 year
|
$ 50
|
|
3 years
|
$ 157
|
|
5 years
|
$ 274
|
|
10 years
|
$ 616
|
Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which
are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's
portfolio turnover rate was 14% of the average value of its portfolio.
Summary Prospectus
Principal Investment Strategies
-
Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal and Ohio personal
income taxes.
-
Managing the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company
(FMR)'s view of how the fund's competitive universe will perform over time.
-
Allocating assets across different market sectors and maturities.
-
Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
-
Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select
investments.
Principal Investment Risks
-
Municipal Market Volatility.
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.
-
Interest Rate Changes.
Interest rate increases can cause the price of a debt security to decrease.
-
Geographic Concentration.
Unfavorable political or economic conditions within Ohio can affect the credit quality of issuers located in that
state.
-
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a
security can cause the price of a security to decrease.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. You could lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the
performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market
index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index
descriptions appear in the Additional Information about the Indexes section of the prospectus. Past performance (before and after taxes) is not
an indication of future performance.
Visit www.fidelity.com for updated return information.
Summary Prospectus
Fund Summary - continued
Year-by-Year Returns
|
Calendar Years
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
|
|
5.72%
|
4.44%
|
2.90%
|
4.47%
|
3.59%
|
-1.62%
|
11.11%
|
1.95%
|
9.62%
|
7.14%
|
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
|
Highest Quarter Return
|
5.93%
|
September 30, 2009
|
|
Lowest Quarter Return
|
-3.57%
|
December 31, 2010
|
Average Annual Returns
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or
local taxes. Actual after-tax returns may differ depending on your individual circumstances.
|
For the periods ended
December 31, 2012
|
Past 1
year
|
Past 5
years
|
Past 10
years
|
|
Fidelity Ohio Municipal Income Fund
|
|
|
|
|
Return Before Taxes
|
7.14%
|
5.53%
|
4.88%
|
|
Return After Taxes on Distributions
|
7.08%
|
5.52%
|
4.78%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
5.97%
|
5.30%
|
4.72%
|
|
Barclays
®
Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
6.78%
|
5.91%
|
5.10%
|
|
Barclays Ohio 4+ Year Enhanced Modified Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
7.41%
|
6.43%
|
5.47%
|
Investment Advisers
FMR is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and other investment advisers serve as sub-advisers for the
fund.
Portfolio Manager(s)
Jamie Pagliocco (portfolio manager) has managed the fund since July 2006.
Purchase and Sale of Shares
You may buy or sell shares of the fund through a Fidelity brokerage or mutual fund account, or through an investment professional. You may buy
or sell shares in various ways:
Summary Prospectus
|
Internet
www.fidelity.com
|
|
Phone
Fidelity Automated Service Telephone (FAST
®
) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
|
|
Mail
|
|
Additional purchases:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
|
Redemptions:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
|
|
TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118
|
The price to buy one share of the fund is its net asset value per share (NAV). Your shares will be bought at the NAV next calculated after your
investment is received in proper form.
The price to sell one share of the fund is its NAV, minus the short-term redemption fee, if applicable. Your shares will be sold at the NAV next calculated after your order is received in proper form, minus the short-term redemption fee, if applicable.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
|
Initial Purchase Minimum
|
$10,000
|
The fund may waive or lower purchase minimums.
Tax Information
The fund seeks to earn income and pay dividends exempt from federal income tax and Ohio personal income tax. A portion of the dividends you
receive may be subject to federal, state, or local income tax and may also be subject to the federal alternative minimum tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.
Payments to Financial Intermediaries
The fund, FMR, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, including retirement plan sponsors, administrators, or service-providers (who may be affiliated with FMR or FDC), for the sale of fund shares and related services. These payments
may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2013 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.923301.102 OFR-SUM-0213
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