Fidelity Intermediate Municipal Income Fund

QUARTERLY FUND REVIEW | AS OF DECEMBER 31, 2023

Fidelity? Intermediate Municipal Income Fund

Investment Approach

? Fidelity? Intermediate Municipal Income Fund is a diversified national municipal bond strategy investing primarily in intermediate-maturity general obligation and revenue-backed securities.

? Our investment approach focuses on fundamental credit analysis, yield-curve positioning and an analysis of the structural characteristics of each security.

? The fund's interest rate sensitivity is targeted closely to that of its benchmark to prevent interest rate speculation from overwhelming research-based strategies that we deem to have a higher likelihood of success.

? We emphasize a total-return approach that seeks to generate a high level of tax-exempt income, consistent with the preservation of capital.

PERFORMANCE SUMMARY

Fidelity Intermediate Municipal Income Fund Gross Expense Ratio: 0.35%2

Cumulative

3 Month

YTD

6.06% 5.51%

1 Year

5.51%

Annualized

3 Year

5 Year

10 Year/ LOF1

0.01% 2.18% 2.54%

Bloomberg Municipal Bond Index

Bloomberg 1-17 Year Municipal Bond Index Lipper Intermediate Municipal Debt Funds Classification Morningstar Fund Muni National Interm

7.89% 6.38% 6.13% 6.40%

6.40% 5.26% 5.52% 5.61%

6.40% 5.26% 5.52% 5.61%

-0.40% -0.05% -0.37% -0.50%

2.25% 2.17% 1.93% 1.87%

3.03% 2.58% 2.28% 2.36%

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/15/1977. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Team Managed

Trading Symbol: FLTMX

Start Date: April 15, 1977

Size (in millions): $11,513.12

Morningstar Category: Fund Muni National Interm Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Leverage can increase market exposure and magnify investment risk. Income exempt from federal income tax may be subject to state or local tax. All or a portion of the fund's income may be subject to the federal alternative minimum tax. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Intermediate Municipal Income Fund | AS OF DECEMBER 31, 2023

Municipal Market Review

U.S. stock and bond markets closed out 2023 by staging broadbased rallies, as investors increasingly priced in the interest rate cuts that are now expected in 2024.

In line with the broader market, U.S. investment-grade municipal bonds posted a strong fourth-quarter gain (+7.89%, including interest payments and price changes), according to the Bloomberg Municipal Bond Index. Fueling this advance was a rapid cooling of inflation that prompted the U.S. Federal Reserve ? which had raised policy interest rates from near-zero to a 22-year high of 5.25% to 5.50% from March 2022 through July 2023 ? to signal it was likely finished hiking rates and could cut them in the coming year. The Q4 comeback propelled municipal bonds to a 6.40% advance for the full year.

Munis modestly declined in October (-0.85%), crimped by rising bond yields, which move inversely to prices, and an oversupply of both U.S. Treasuries and munis in the bond market. Although the Fed chose to hold interest rates steady at its September meeting, muni yields followed Treasury yields higher in September and October, in response to stronger-than-expected economic growth that dashed the market's rate-cut hopes and rekindled inflation worries. A surge in Treasury bond issuance, made necessary in part by widening federal budget deficits, and a 19% year-over-year increase in tax-exempt muni bond issuance, added to the upward pressure on yields.

In November, however, munis kicked off an impressive two-month rally by posting their biggest monthly gain since the 1980s, advancing 6.35%. The central bank again held rates steady at its November 1 FOMC meeting, and in its post-meeting comments struck a new, more optimistic tone regarding its fight against inflation.

Then, on November 14, muni yields fell sharply in response to a milder-than-expected inflation report that investors viewed as easing pressure on the Fed to keep rates high. Elevated supply was easily absorbed as market sentiment improved and investors looked to lock in high absolute yield opportunities.

Munis rose another 2.32% in December, as Fed officials further softened their hawkish rhetoric and signaled that they were ready to consider rate cuts for 2024. Then, on December 22, the latest monthly consumer price index reading indicated that the Fed's preferred inflation measure, the personal-consumption expenditures index, fell on a month-over-month basis for the first time since April 2020.

Full-quarter returns showed linear improvement along the maturity spectrum, with one-year municipals (+2.32%) significantly lagging 10-year issues (+7.47%) and long bonds (+11.61%). From an overall sector perspective, municipal revenue and general-obligation bonds performed broadly in line with one another. Higher-yielding revenue sectors such as health care and housing outperformed during the quarter. Overall, the highest-quality (AAA) and lower-quality (rated BAA, the Bloomberg equivalent to BBB) investment-grade munis outperformed those with mid-tier credit ratings (AA and A).

Muni credit fundamentals remained solid throughout the quarter, and for most tax-backed issuers the risk of a credit-rating downgrade appeared low.

THREE-MONTH MUNI INDEX RETURNS BY SECTOR

Sector

Total Return

Insured Hospital Housing Leasing

-9.22% 9.17% 8.84%

Local GO

8.80%

Special Tax Education Resource Recovery Transportation Water & Sewer Electric

8.56% 8.27% 7.76% 7.70% 7.66% 7.17%

Industrial Revenue

6.84%

State GO

6.56%

Prerefunded Index

3.03% 7.89%

Returns represent those of the Bloomberg Municipal Bond Index.

THREE-MONTH MUNI INDEX RETURNS BY CREDIT QUALITY

Quality

Total Return

AAA

8.35%

AA

7.62%

A

7.96%

BAA

9.19%

Index

7.89%

Returns represent those of the Bloomberg Municipal Bond Index.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Intermediate Municipal Income Fund | AS OF DECEMBER 31, 2023

Performance Review

DETAILED FUND ATTRIBUTION RELATIVE TO BENCHMARK

Strategy: Sector Allocation

Strategy: Credit

Market Environment

Higher-yielding sectors of the municipal market, including health care and housing, outperformed during the quarter.

Market Environment

Lower-rated investment-grade municipal bonds outpaced higherquality investment-grade munis.

Fund Positioning (Impact vs. Benchmark)

? The fund's overweight positions in airport, housing and health care municipal bonds contributed to performance versus the Bloomberg 1-17 Year Municipal Bond Index. (Positive)

Strategy: Yield Curve

Market Environment

The municipal bond yield curve shifted downward during the quarter. At period end, the curve remained inverted inside of 10 years.

Fund Positioning (Impact vs. Benchmark)

? The fund's overweight in lowerquality investment-grade securities rated BBB bolstered the relative result. (Positive)

? A higher average yield on the fund's underlying holdings helped it gain more carry than the index. (Positive)

? Larger-than-index exposure to bonds issued by the state of Illinois also helped. (Positive)

? The fund's underweight to bonds issued by the state of California detracted versus the index. (Negative)

Strategy: Additional Factors

Fund Positioning (Impact vs. Benchmark)

? Relative to the index, the fund's overweight to longer-duration bonds contributed as yields fell. (Positive)

Market Environment

The fund and its benchmark employ somewhat different methodologies in estimating the prices of municipal securities, most of which trade infrequently.

Fund Positioning (Impact vs. Benchmark)

? Pricing methodology differences detracted from relative performance. (Negative)

? Smaller-than-index exposure to lower-coupon bonds also crimped the fund's relative result. (Negative)

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Intermediate Municipal Income Fund | AS OF DECEMBER 31, 2023

Outlook and Positioning

As of December 31, we believe it's unlikely that we'll see a continuation into 2024 of the remarkable gains munis produced in the final months of 2023. However, we still see opportunities in the marketplace. We think demand for munis may continue to firm, given that investors will likely view the interest rate backdrop as more favorable going forward. Additionally, muni bond yields are still higher than they have been in more than 15 years, which could inspire demand from investors looking to lock in higher rates before the Fed pivots to easier monetary policy.

We also believe market volatility may continue. While it's true that inflation pressure receded by year-end, further progress may be slower in 2024. Additionally, financial markets may lose steam if the size, timing and pace of rate cuts fall short of expectations. Still, we believe market volatility not only could present opportunities for us to generate outperformance, but also will play to our strengths, since the fund is constructed with a careful and intentional emphasis on security selection.

Tax-backed municipal issuer finances remain mostly solid. Though tax receipts may continue to slow, we believe most state and local

governments are well-positioned to adjust. Most states, for instance, have prudently managed recent surpluses by increasing their rainyday reserves, paying down debt and strengthening pension plan funding.

At year-end, we continue to invest for strong risk-adjusted returns while remaining cautious with yield-curve positioning, given the likelihood of ongoing interest rate volatility. We plan to increase our exposure to discount securities at valuations we feel are compelling, as well as in undervalued sectors such as housing.

Again, it is important for investors to remember that Fidelity's municipal bond portfolios are constructed with a careful emphasis on issue selection, especially with consideration to the liquidity of the security and the financial resiliency of its issuer. In the current environment, we continue to evaluate each fund's investments and are monitoring those that may be more financially challenged than others.

Looking ahead, we remain committed to the approach of building individual exposures in the portfolio that reflect risks with which we are comfortable, at entry prices we believe offer strong relative value.

MUNICIPAL-SECTOR DIVERSIFICATION

Sector

Portfolio Weight

Index Weight

Relative Change Relative From Prior Weight Quarter

Transportation

16.99% 12.28% 4.71% 0.42%

State Obligations

15.31% 19.30% -3.99% 0.48%

Local Obligations

15.28% 17.54% -2.26% -0.69%

Health Care

13.22% 6.26% 6.96% -0.44%

Corporate-Backed

9.67% 5.75% 3.92% -1.54%

Special Tax

6.60% 12.85% -6.25% -0.24%

Higher Education

4.73% 4.79% -0.06% 0.06%

Housing

4.05% 1.70% 2.35% 0.25%

Electric & Gas

3.48% 4.80% -1.32% -0.17%

Water & Sewer

3.13% 8.43% -5.30% -0.23%

Pre-Refunded

1.59% 4.24% -2.65% 0.59%

Tobacco

0.42% 0.33% 0.09% 0.15%

Lease/Other

0.26% 0.74% -0.48% -0.51%

Cash & Net Other Assets 5.27% 0.99% 4.28% 1.87%

Futures, Options & Swaps

0.00% 0.00% 0.00% 0.00%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

CREDIT-QUALITY DIVERSIFICATION

Credit Quality

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

U.S. Government

0.00%

0.00%

0.00%

0.00%

AAA

13.26% 24.32% -11.06% -0.19%

AA

41.04% 53.65% -12.61% -0.64%

A

30.08% 18.48% 11.60% -1.51%

BBB

5.99%

2.88%

3.11%

-0.31%

BB

1.72%

0.00%

1.72%

0.01%

B

0.14%

0.00%

0.14%

-0.02%

CCC & Below

0.06%

0.00%

0.06%

0.06%

Short-Term Rated

0.00%

0.00%

0.00%

0.00%

Not Rated/Not Available

2.58%

0.67%

1.91%

0.61%

Cash & Net Other Assets

5.13%

0.00%

5.13%

1.99%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

Credit ratings for a rated issuer or security are categorized using the highest credit rating among the following three Nationally Recognized Statistical Rating Organizations ("NRSRO"): Moody's Investors Service (Moody's); Standard & Poor's Rating Services (S&P); or Fitch, Inc. Securities that are not rated by any of these three NRSRO's (e.g. equity securities) are categorized as Not Rated. All U.S. government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its pro-rata share of any investments in other Fidelity funds.

4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? Intermediate Municipal Income Fund | AS OF DECEMBER 31, 2023

10 LARGEST STATE WEIGHTS

State Texas Illinois New York Florida California New Jersey Pennsylvania Georgia Non-State-Specific Michigan

Portfolio Weight 12.36% 9.29% 7.01% 6.80% 4.94% 4.59% 4.32% 4.03% 3.94% 2.88%

Index Weight 9.49% 4.49% 14.49% 3.58% 16.54% 3.79% 3.46% 2.80% 0.01% 1.39%

CHARACTERISTICS

Duration 30-Day SEC Yield 30-Day SEC Restated Yield 30-Day SEC Tax-Equivalent Yield Net Asset Value Subject to Alternative Minimum Tax

Portfolio 4.57 years

3.06% --

5.21% $10.19 16.91%

Index 4.35 years

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5 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

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