Form 497K FIDELITY SCHOOL STREET
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E-mailFidelity® Intermediate Municipal Income Fund
Class/Ticker
Fidelity Advisor® Intermediate Municipal Income Fund
A/FZIAX M*/FZITX C/FZICX I/FZIIX
* This class name was formerly known as Class T.
Summary Prospectus
March 1, 2018
As Revised September 11, 2018
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to [email protected]. The fund's prospectus dated March 1, 2018, as supplemented on September 11, 2018, and SAI dated March 1, 2018 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund Summary
Fund/Class:
Fidelity® Intermediate Municipal Income Fund
/Fidelity Advisor® Intermediate Municipal Income Fund A, M, C, I
Investment Objective
The fund seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 29 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.
Shareholder fees
(fees paid directly from your investment)
| Class A | Class M | Class C | Class I | |
| Maximum sales charge (load) on purchases (as a % of offering price) | 4.00% | 4.00% | None | None |
| Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds) | None(a) | None(a) | 1.00%(b) | None |
(a) Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.75% or 0.25%, respectively.
(b) On Class C shares redeemed less than one year after purchase.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
| Class A | Class M | Class C | Class I | |
| Management fee | 0.25% | 0.25% | 0.25% | 0.25% |
| Distribution and/or Service (12b-1) fees | 0.25% | 0.25% | 1.00% | None |
| Other expenses | 0.19% | 0.16% | 0.18% | 0.19% |
| Total annual operating expenses | 0.69% | 0.66% | 1.43% | 0.44% |
This example helps compare the cost of investing in the fund with the cost of investing in other 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 and if you hold your shares:
| Class A | Class M | Class C | Class I | |||||
| Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
Sell All Shares |
Hold Shares |
|
| 1 year | $468 | $468 | $465 | $465 | $246 | $146 | $45 | $45 |
| 3 years | $612 | $612 | $603 | $603 | $452 | $452 | $141 | $141 |
| 5 years | $769 | $769 | $753 | $753 | $782 | $782 | $246 | $246 |
| 10 years | $1,224 | $1,224 | $1,190 | $1,190 | $1,713 | $1,713 | $555 | $555 |
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 26% of the average value of its portfolio.
Principal Investment Strategies
- Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax.
- 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.
- Normally maintaining a dollar-weighted average maturity between three and 10 years.
- 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.
- 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 Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit institutional.fidelity.com for more recent performance information.
Year-by-Year Returns
The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.
| During the periods shown in the chart for Class A: | Returns | Quarter ended |
| Highest Quarter Return | 4.78% | September 30, 2009 |
| Lowest Quarter Return | (3.32)% | December 31, 2016 |
Average Annual Returns
Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. 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. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
| For the periods ended December 31, 2017 | Past 1 year | Past 5 years | Past 10 years |
| Class A - Return Before Taxes | 0.08% | 1.19% | 2.93% |
| Return After Taxes on Distributions | 0.07% | 1.15% | 2.91% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.03% | 1.44% | 2.90% |
| Class M - Return Before Taxes | 0.00% | 1.22% | 2.95% |
| Class C - Return Before Taxes | 2.37% | 1.25% | 2.56% |
| Class I - Return Before Taxes | 4.50% | 2.27% | 3.61% |
| Bloomberg Barclays Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) |
5.45% | 3.02% | 4.46% |
| Bloomberg Barclays 1-17 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) |
4.33% | 2.46% | 3.99% |
Investment Adviser
FMR (the Adviser) 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)
Mark Sommer (co-manager) has managed the fund since July 2006.
Kevin Ramundo (co-manager) has managed the fund since June 2010.
Cormac Cullen (co-manager) has managed the fund since May 2016.
Elizah McLaughlin (co-manager) has managed the fund since September 2018.
It is expected that Mr. Sommer will retire from Fidelity at the end of 2018 and will no longer manage the fund at that time.
Purchase and Sale of Shares
You may buy or sell shares through an investment professional. You may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To reach a Fidelity representative 1-877-208-0098
| Fidelity Investments P.O. Box 770002 Cincinnati, OH 45277-0081 |
Overnight Express: Fidelity Investments 100 Crosby Parkway Covington, KY 41015 |
Class I eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.
The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver. The price to buy one share of Class C or Class I is its NAV. Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.
The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC). The price to sell one share of Class I is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
| Initial Purchase Minimum | $2,500 |
| Through a regular investment plan established at the time the fund position is opened | $100 |
The fund may waive or lower purchase minimums in other circumstances.
Tax Information
The fund seeks to earn income and pay dividends exempt from federal income tax. Income exempt from federal income tax may be subject to state or local tax. A portion of the dividends you receive may be subject to federal and state income taxes 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 Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser 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.
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.
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 Advisor, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2018 FMR LLC. All rights reserved.
Any third-party marks that may appear above are the marks of their respective owners.
| 1.923286.110 | ALIM-SUM-0218-01 |
Fidelity® Intermediate Municipal Income Fund
Class/Ticker
Fidelity® Intermediate Municipal Income Fund/FLTMX
In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.
Summary Prospectus
March 1, 2018
As Revised September 11, 2018
Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to [email protected]. The fund's prospectus dated March 1, 2018, as supplemented on September 11, 2018, and SAI dated March 1, 2018 are incorporated herein by reference.
245 Summer Street, Boston, MA 02210
Fund Summary
Fund/Class:
Fidelity® Intermediate Municipal Income Fund
/Fidelity® Intermediate Municipal Income Fund
Investment Objective
The fund seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees
| (fees paid directly from your investment) | None |
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
| Management fee | 0.25% | |
| Distribution and/or Service (12b-1) fees | None | |
| Other expenses | 0.11% | |
| Total annual operating expenses | 0.36% |
This example helps compare the cost of investing in the fund with the cost of investing in other 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 | $37 |
| 3 years | $116 |
| 5 years | $202 |
| 10 years | $456 |
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 26% of the average value of its portfolio.
Principal Investment Strategies
- Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax.
- 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.
- Normally maintaining a dollar-weighted average maturity between three and 10 years.
- 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.
- 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 Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.
Visit www.fidelity.com for more recent performance information.
Year-by-Year Returns
| During the periods shown in the chart: | Returns | Quarter ended |
| Highest Quarter Return | 4.75% | September 30, 2009 |
| Lowest Quarter Return | (3.15)% | December 31, 2016 |
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. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.
| For the periods ended December 31, 2017 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Intermediate Municipal Income Fund | |||
| Return Before Taxes | 4.48% | 2.34% | 3.66% |
| Return After Taxes on Distributions | 4.47% | 2.30% | 3.63% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.71% | 2.41% | 3.55% |
| Bloomberg Barclays Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) |
5.45% | 3.02% | 4.46% |
| Bloomberg Barclays 1-17 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) |
4.33% | 2.46% | 3.99% |
Investment Adviser
FMR (the Adviser) 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)
Mark Sommer (co-manager) has managed the fund since July 2006.
Kevin Ramundo (co-manager) has managed the fund since June 2010.
Cormac Cullen (co-manager) has managed the fund since May 2016.
Elizah McLaughlin (co-manager) has managed the fund since September 2018.
It is expected that Mr. Sommer will retire from Fidelity at the end of 2018 and will no longer manage the fund at that time.
Purchase and Sale of Shares
You may buy or sell shares through a Fidelity® brokerage or mutual fund account, or through an investment professional. You may buy or sell shares in various ways:
Internet
www.fidelity.com
Phone
Fidelity Automated Service Telephone (FAST®) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666
|
Additional purchases: Fidelity Investments |
Redemptions: Fidelity Investments |
TDD- Service for the Deaf and Hearing Impaired
1-800-544-0118
The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.
The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.
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. Income exempt from federal income tax may be subject to state or local tax. A portion of the dividends you receive may be subject to federal and state income taxes 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 Broker-Dealers and Other Financial Intermediaries
The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser 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.
Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.
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. © 2018 FMR LLC. All rights reserved.
Any third-party marks that may appear above are the marks of their respective owners.
| 1.923288.109 | LIM-SUM-0218-01 |
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