2016 Tax-Exempt Income from Fidelity Funds

IMPORTANT TAX INFORMATION

2016 Tax-Exempt Income from Fidelity Funds

Information for state tax reporting

This information may help you prepare your state income tax return. If you owned shares of any of the Fidelity funds listed in the table on the following pages of this letter during 2016, a portion of the tax-exempt interest dividend income you earned may be exempt from your state's income tax.

Fidelity calculates and reports in the "State/Local Tax-Exempt Income from Fidelity Funds" section of your 2016 Tax Reporting Statement the portion of tax-exempt interest income that may be exempt from your state and/or local income tax for the state-specific funds. You will need to calculate the portion of tax-exempt interest dividend income that may be exempt from your state income tax for the municipal funds that are not state specific. To determine this amount, multiply the total interest dividend you received from the fund by the percentage listed in the table on the following pages for the state in which you are filing your income tax returns. Although state tax laws differ, many states do not tax interest on the bonds they issue or on interest from municipal bonds issued within the same state. Interest income from securities issued by U.S. territories and possessions is exempt from federal, state, and local income tax in all 50 states. For this reason, you should add the percentages listed for any U.S. territories or possessions to the percentage for your given state.

The following example shows how Massachusetts investors who owned the Fidelity? Intermediate Municipal Income Fund would calculate that portion of the tax-exempt interest dividends they received from the fund that may be exempt from Massachusetts income tax. For the purpose of this example, assume an investor had an interest dividend distribution of $1,000.00.

Tax-exempt interest distribution

(from your 2016 Tax Statement)

Total percentage of qualifying interest dividends from MA and U.S. territories

(from table) MA 1.61%, GUA 0.00%, PR 0.00%, VI 0.00%

Interest dividends you may be able to exclude on your state tax return

$1,000.00

x

1.61%

=

$16.10

Interest dividends from municipal mutual funds are generally exempt from federal income taxes. Nonetheless, you are required to report this income on your 2016 federal income tax return.

Your state tax return will contain specific instructions for reporting dividends, including tax-exempt interest dividends. You may also wish to consult your tax advisor, who is most familiar with your circumstances and the laws of your home state.

If you have any questions, please call our Tax Reporting Line at 800-544-6666.

Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Fidelity Investments and pyramid design logo are registered service marks of FMR LLC. ? 2017 FMR LLC. All rights reserved.

440491.16.01.778501.121

The table below shows the income earned from the obligations of each state and territory as a percentage of the total interest dividend income earned by your fund during 2016.

State

Alabama Alaska Arizona Arkansas California1 Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois1 Indiana2 Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota1 Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah3 Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming

Fidelity Advisor? Municipal

Income Fund

Fidelity? Conservative Income

Municipal Bond Fund

Fidelity? Intermediate Municipal Income Fund: Retail & Institutional Classes

0.30% 0.17% 1.69% 0.00% 13.55% 0.84% 0.90% 0.43% 1.12% 10.94% 2.72% 0.00% 0.62% 0.51% 19.75% 2.45% 0.16% 0.76% 1.37% 0.92% 0.33% 0.77% 1.01% 2.49% 0.53% 0.00% 0.25% 0.00% 0.40% 0.35% 0.48% 2.49% 0.15% 7.38% 0.76% 0.37% 1.51% 0.68% 0.10% 2.65% 0.00% 0.30% 3.30% 0.00% 0.58% 9.71% 0.20% 0.24% 0.00% 0.42% 2.14% 0.26% 0.69% 0.23%

2.03% 0.00% 1.01% 0.41% 2.19% 0.81% 4.38% 1.88% 0.27% 3.67% 1.94% 0.00% 0.12% 0.34% 19.83% 1.59% 0.01% 0.59% 1.93% 6.12% 0.06% 0.45% 3.10% 5.23% 0.64% 0.57% 0.13% 0.11% 0.06% 3.09% 0.26% 7.57% 0.00% 3.72% 2.48% 0.00% 1.70% 0.24% 0.19% 5.94% 0.00% 0.10% 0.82% 0.00% 0.85% 9.49% 0.02% 0.00% 0.00% 1.01% 1.06% 0.51% 1.47% 0.02%

1.07% 0.20% 2.28% 0.02% 9.81% 0.56% 0.39% 0.24% 0.40% 14.88% 2.81% 0.00% 0.17% 0.24% 17.58% 3.03% 0.05% 0.38% 2.50% 0.82% 0.31% 1.23% 1.61% 2.10% 0.62% 0.04% 0.37% 0.03% 0.39% 0.64% 0.36% 3.14% 0.22% 6.04% 0.55% 0.00% 1.99% 0.99% 0.10% 4.72% 0.00% 0.33% 2.50% 0.08% 0.45% 10.25% 0.37% 0.00% 0.00% 0.63% 1.47% 0.08% 0.91% 0.21%

Fidelity? Limited Term Municipal Income Fund: Retail & Institutional

Classes

0.38% 0.46% 2.59% 0.03% 6.56% 0.55% 1.90% 0.14% 0.70% 12.79% 3.17% 0.00% 0.68% 0.00% 13.53% 2.65% 0.02% 0.63% 1.12% 1.78% 0.20% 1.28% 1.43% 2.25% 0.40% 0.07% 0.02% 0.00% 0.03% 1.71% 0.30% 6.00% 1.00% 11.39% 0.82% 0.00% 3.46% 0.54% 0.02% 5.17% 0.00% 0.93% 1.73% 0.23% 0.23% 8.03% 0.04% 0.00% 0.00% 0.87% 1.22% 0.35% 0.72% 0.01%

Fidelity? Municipal Income 2017 Fund: Retail & Institutional Classes

1.63% 0.00% 1.68% 0.00% 9.09% 0.34% 2.63% 0.00% 0.40% 14.05% 3.53% 0.00% 0.00% 0.00% 6.77% 0.68% 0.00% 0.00% 2.19% 1.34% 0.00% 1.99% 4.72% 6.04% 0.73% 0.00% 0.82% 0.00% 0.58% 2.35% 0.85% 7.72% 0.00% 4.73% 1.19% 0.00% 3.15% 0.00% 0.00% 6.88% 0.00% 1.23% 0.16% 0.00% 1.35% 5.64% 0.34% 0.00% 0.00% 0.00% 4.35% 0.00% 1.26% 0.00%

Fidelity? Municipal Income 2019 Fund: Retail & Institutional Classes

0.27% 0.00% 6.48% 0.00% 5.66% 0.00% 0.55% 0.00% 0.00% 18.29% 1.72% 0.00% 0.00% 0.00% 6.02% 0.42% 1.79% 0.00% 0.32% 1.11% 0.00% 1.59% 0.51% 7.81% 1.30% 0.00% 0.28% 0.00% 0.00% 0.10% 0.00% 11.67% 0.98% 14.35% 0.00% 0.00% 2.38% 0.00% 0.99% 5.56% 0.00% 0.21% 0.00% 0.00% 0.00% 4.62% 0.00% 0.00% 0.00% 1.10% 0.22% 0.58% 3.15% 0.00%

As always, consult your tax advisor as to whether all or some portion of the dividend income derived from a fund's investment in municipal bonds issued by your home state and/or

U.S. territories may be exempt from state income tax. 1Certain states require funds to meet in-state investment thresholds before a shareholder can exempt the income earned from bonds issued by his or her home state. In 2016, none

of the funds listed above satisfied the thresholds imposed by California or Minnesota. Certain states, such as California, may require the payers of exempt interest dividends to report

to the state tax authority any municipal bond interest and exempt-interest dividends paid to residents. Other states, such as Illinois, do not exempt interest earned from obligations

issued by the state when held indirectly through a mutual fund. 2Indiana residents previously referred to a separate letter on the Fidelity Mutual Fund Tax Information page, that provided information on the treatment of distributions from Fidelity municipal funds based on Indiana's state law. The Indiana requirements have changed, and Indiana residents should now use the information provided in this letter. For additional information about the change in requirements for Indiana residents, please see the Indiana letter. The Indiana letter is no longer required, and will not be produced in future years. 3Utah residents should refer to the letter, also available on the Fidelity Mutual Fund Tax Information page in February, that provides information on the treatment of distributions from

Fidelity municipal funds based on Utah's state law.

The table below shows the income earned from the obligations of each state and territory as a percentage of the total interest dividend income earned by your fund during 2016.

State

Fidelity? Municipal Income 2021 Fund: Retail

& Institutional Classes

Fidelity? Municipal Income 2023 Fund: Retail

& Institutional Classes

Fidelity? Municipal Income Fund

Fidelity? Municipal Money Market

Fund

Fidelity? Tax-Exempt Portfolio: All Classes (formerly Fidelity? Institutional

Money Market Tax-Exempt)

Fidelity? Tax-Free Bond Fund

Tax-Exempt Money Market Fund: Capital

Reserves, Daily Money, Premium, &

Retail Classes

Alabama Alaska Arizona Arkansas California1 Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois1 Indiana2 Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota1 Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah3 Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming

0.90% 0.00% 3.58% 0.00% 6.93% 0.44% 0.85% 0.00% 0.00% 11.91% 3.82% 0.00% 0.47% 0.00% 7.53% 1.68% 0.00% 0.00% 0.63% 0.00% 0.00% 0.00% 1.44% 10.87% 1.01% 0.00% 0.00% 0.00% 0.34% 1.11% 0.00% 16.33% 0.00% 6.42% 2.02% 0.00% 0.00% 0.00% 1.03% 6.23% 0.00% 0.00% 1.40% 0.00% 0.00% 7.18% 0.00% 0.00% 0.00% 0.09% 4.13% 0.00% 2.08% 0.00%

2.84% 0.00% 6.58% 0.00% 7.37% 1.53% 2.24% 0.00% 0.00% 7.34% 1.72% 0.00% 0.00% 0.00% 13.08% 1.44% 0.00% 0.00% 0.00% 2.23% 0.00% 0.00% 0.76% 6.40% 0.87% 0.00% 0.00% 0.00% 1.89% 1.95% 0.00% 7.64% 2.79% 10.24% 0.00% 0.00% 4.17% 0.00% 0.85% 3.68% 0.00% 1.14% 0.22% 0.00% 0.00% 7.01% 0.00% 0.00% 0.00% 0.34% 3.67% 0.00% 0.00% 0.00%

0.23% 0.16% 1.92% 0.00% 14.21% 0.82% 0.19% 0.09% 1.06% 12.76% 3.21% 0.00% 0.53% 0.35% 19.31% 2.69% 0.13% 0.63% 1.33% 0.86% 0.23% 0.88% 1.15% 1.97% 0.50% 0.00% 0.39% 0.00% 0.35% 0.16% 0.66% 3.02% 0.02% 7.39% 0.45% 0.15% 1.72% 0.51% 0.40% 2.31% 0.00% 0.14% 2.65% 0.09% 0.42% 9.39% 0.20% 0.01% 0.00% 0.60% 2.44% 0.29% 0.78% 0.23%

1.12% 1.38% 2.01% 0.38% 3.83% 2.41% 1.64% 0.15% 2.18% 7.11% 3.91% 0.00% 0.22% 0.43% 5.13% 2.42% 0.31% 0.28% 2.51% 2.31% 0.29% 1.16% 1.62% 1.70% 0.44% 0.36% 0.82% 0.10% 1.40% 1.90% 0.80% 3.55% 0.03% 14.77% 1.92% 0.11% 1.46% 0.59% 0.87% 1.92% 0.00% 0.06% 1.52% 0.04% 1.97% 12.40% 0.24% 0.05% 0.00% 1.24% 4.88% 0.71% 1.37% 0.22%

3.13% 0.59% 1.35% 0.01% 3.77% 2.42% 2.46% 0.05% 2.18% 5.49% 3.27% 0.00% 0.18% 0.35% 6.77% 4.09% 1.89% 0.05% 0.54% 2.62% 0.00% 1.07% 1.60% 5.02% 0.54% 0.96% 0.75% 0.00% 0.86% 2.11% 0.17% 1.59% 0.00% 12.69% 3.30% 0.00% 1.97% 0.66% 0.71% 3.01% 0.00% 0.31% 0.94% 0.00% 2.17% 11.95% 0.74% 0.25% 0.00% 1.11% 3.03% 0.10% 1.09% 0.14%

0.29% 0.16% 1.71% 0.00% 13.14% 0.71% 0.31% 0.40% 1.02% 12.18% 2.65% 0.00% 0.10% 0.58% 17.77% 2.55% 0.00% 0.42% 1.51% 0.98% 0.23% 0.60% 0.37% 3.51% 1.13% 0.00% 0.38% 0.00% 0.30% 0.66% 0.41% 2.07% 0.08% 7.48% 1.27% 0.23% 1.74% 0.84% 0.15% 1.84% 0.00% 0.12% 4.64% 0.16% 0.12% 10.31% 0.13% 0.18% 0.00% 0.45% 2.55% 0.30% 1.16% 0.13%

1.36% 1.24% 1.34% 0.00% 5.58% 3.14% 1.14% 0.06% 2.59% 5.24% 4.26% 0.00% 0.54% 0.44% 8.36% 3.44% 1.63% 0.11% 0.56% 3.80% 0.30% 1.18% 1.68% 1.98% 1.10% 0.56% 1.40% 0.10% 1.07% 2.62% 0.21% 3.51% 0.00% 10.26% 2.95% 0.00% 1.77% 0.60% 1.74% 3.37% 0.00% 0.12% 0.73% 0.00% 1.55% 9.21% 0.24% 0.06% 0.00% 1.51% 2.91% 0.89% 1.41% 0.16%

As always, consult your tax advisor as to whether all or some portion of the dividend income derived from a fund's investment in municipal bonds issued by your home state and/or

U.S. territories may be exempt from state income tax. 1Certain states require funds to meet in-state investment thresholds before a shareholder can exempt the income earned from bonds issued by his or her home state. In 2016, none

of the funds listed above satisfied the thresholds imposed by California or Minnesota. Certain states, such as California, may require the payers of exempt interest dividends to report

to the state tax authority any municipal bond interest and exempt-interest dividends paid to residents. Other states, such as Illinois, do not exempt interest earned from obligations

issued by the state when held indirectly through a mutual fund. 2Indiana residents previously referred to a separate letter on the Fidelity Mutual Fund Tax Information page, that provided information on the treatment of distributions from Fidelity municipal funds based on Indiana's state law. The Indiana requirements have changed, and Indiana residents should now use the information provided in this letter. For additional information about the change in requirements for Indiana residents, please see the Indiana letter. The Indiana letter is no longer required, and will not be produced in future years. 3Utah residents should refer to the letter, also available on the Fidelity Mutual Fund Tax Information page in February, that provides information on the treatment of distributions from

Fidelity municipal funds based on Utah's state law.

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