Fidelity Defined Maturity Funds Fidelity Municipal Income 2023 Fund Class/Ticker Fidelity Municipal Income 2023 Fund/FCHPX
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Fidelity® Defined Maturity Funds Fidelity® Municipal Income 2023 Fund Class/Ticker Fidelity® Municipal Income 2023 Fund/FCHPX 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 August 29, 2022 As Revised November 21, 2022 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, reports to shareholders, 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 fidfunddocuments@fidelity.com. The fund's prospectus, dated August 29, 2022, as revised November 21, 2022, and SAI dated August 29, 2022 are incorporated herein by reference. 245 Summer Street, Boston, MA 02210
Fund Summary
Fund/Class:
Fidelity® Municipal Income 2023 Fund/Fidelity® Municipal Income
2023 Fund
and expenses that may be incurred
Investment Objective when you buy and hold shares of the
Fidelity® Municipal Income 2023 fund. In addition to the fees and
Fund seeks as high a level of current expenses described below, your
income, exempt from federal income broker may also require you to
tax, as is consistent with the preserva- pay brokerage commissions on
tion of capital. purchases and sales of certain
share classes of the fund.
Fee Table
The following table describes the fees
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 0.30%
Distribution and/or Service (12b-1) fees None
Other expenses 0.10%
Total annual operating expenses 0.40%
This example helps compare the effect of fees and expenses, but is not
cost of investing in the fund with the meant to suggest actual or expected
cost of investing in other funds. fees and expenses or returns, all of
which may vary. For every $10,000 you
Let's say, hypothetically, that the an- invested, here's how much you would
nual return for shares of the fund is pay in total expenses if you sell all of
5% and that the fees and the annual your shares at the end of each time
operating expenses for shares of the period indicated:
fund are exactly as described in the
fee table. This example illustrates the
1 year $ 41
3 years $ 128
5 years $ 224
10 years $ 505
Summary Prospectus 2Fund Summary – continued
Portfolio Turnover
l Analyzing the credit quality of the
issuer, security-specific features, cur-
The fund pays transaction costs, such rent and potential future valuation,
as commissions, when it buys and and trading opportunities to select in-
sells securities (or "turns over" its vestments.
portfolio). A higher portfolio turnover
rate may indicate higher transaction l Liquidating shortly after the fund's
costs and may result in higher taxes target end-date of June 30, 2023.
when fund shares are held in a tax-
able account. These costs, which are Principal Investment
not reflected in annual operating ex- Risks
penses or in the example, affect the
fund's performance. During the most l Municipal Market Volatility.
recent fiscal year, the fund's portfolio The municipal market is volatile and
turnover rate was 9% of the average can be significantly affected by ad-
value of its portfolio. verse tax, legislative, or political
changes and the financial condition of
Principal Investment the issuers of municipal securities.
Strategies l Interest Rate Changes.
l Normally investing at least 80% of Interest rate increases can cause the
assets in investment-grade municipal price of a debt security to decrease.
securities whose interest is exempt
from federal income tax (but may be
l Issuer-Specific Changes.
subject to the federal alternative min- The value of an individual security or
imum tax). particular type of security can be
more volatile than, and can perform
l Managing the fund to have similar differently from, the market as a
overall interest rate risk compared to whole.
a customized municipal bond index
representing Fidelity Management & A decline in the credit quality of an is-
Research Company LLC (FMR)'s view suer or a provider of credit support or
of the performance of the fund’s com- a maturity-shortening structure for a
petitive universe. security can cause the price of a se-
curity to decrease.
l Allocating assets across different
market sectors and maturities. l Declining Yield Risk.
As the fund approaches its liquidation
l Potentially investing more than 25%
date, the fund's securities will mature
of total assets in municipal securities
and the fund may reinvest the pro-
that finance similar types of projects.
ceeds in money market securities with
lower yields than the securities previ-
ously held by the fund.
3 Summary Prospectusl Fluctuation of Yield & Liquida- to help you understand the risks of in-
tion Amount Risk vesting in the fund.
The amount of the fund's income dis- The information illustrates the
tributions will vary over time, and the changes in the performance of the
breakdown of returns between fund fund's shares from year to year and
distributions and liquidation proceeds compares the performance of the
will not be predictable at the time of fund's shares to the performance of a
your investment, and you may experi- securities market index and an addi-
ence a gain or loss for tax purposes. tional index over various periods of
An investment in the fund is not a time. The indexes have characterist-
deposit of a bank and is not insured ics relevant to the fund's investment
or guaranteed by the Federal Depos- strategies. Index descriptions appear
it Insurance Corporation or any in the "Additional Index Information"
other government agency. You could section of the prospectus. Past per-
lose money by investing in the fund. formance (before and after taxes) is
Unlike individual debt securities, not an indication of future perform-
which typically pay principal at ance.
maturity, the value of an invest-
ment in the fund will fluctuate.
Visit www.fidelity.com for more recent
performance information.
Performance
The following information is intended
Year-by-Year Returns
2014 2015 2016 2017 2018 2019 2020 2021
10.23% 3.32% -0.17% 4.39% 0.96% 5.05% 2.70% 0.51%
20%
10%
0%
-10%
Summary Prospectus 4Fund Summary – continued
During the periods shown in the chart: Returns Quarter ended
Highest Quarter Return 3.71% March 31, 2014
Lowest Quarter Return -4.60% December 31, 2016
Year-to-Date Return -1.24% June 30, 2022
Average Annual Returns
After-tax returns are calculated using Distributions and Sale of Fund Shares
the historical highest individual feder- may be higher than other returns for
al marginal income tax rates, but do the same period due to a tax benefit
not reflect the impact of state or local of realizing a capital loss upon the
taxes. Actual after-tax returns may sale of fund shares.
differ depending on your individual
circumstances. Return After Taxes on
Past 1 Past 5 Life of
For the periods ended December 31, 2021 year years class A
Fidelity® Municipal Income 2023 Fund
Return Before Taxes 0.51% 2.71% 2.44%
Return After Taxes on Distributions 0.51% 2.71% 2.43%
Return After Taxes on Distributions and Sale of Fund Shares 0.90% 2.53% 2.34%
Bloomberg Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) 1.52% 4.17% 3.37%
Bloomberg Municipal Bond 2023 Ex Tobacco/Prepaid Gas Index
(reflects no deduction for fees, expenses, or taxes) 0.34% 2.83% 2.40%
A
From April 23, 2013
Elizah McLaughlin (Co-Portfolio Man-
Investment Adviser ager) has managed the fund since
FMR (the Adviser) is the fund's man- 2018.
ager. Other investment advisers serve
as sub-advisers for the fund. Michael Maka (Co-Portfolio Manager)
has managed the fund since 2020.
Portfolio Manager(s)
Purchase and Sale of
Cormac Cullen (Co-Portfolio Man-
ager) has managed the fund since Shares
2016. You may buy or sell shares through a
Fidelity® brokerage or mutual fund
5 Summary Prospectusaccount, or through an investment There is no purchase minimum for
professional. fund shares.
You may buy or sell shares in various
ways: Tax Information
The fund seeks to earn income and
Internet
pay dividends exempt from federal in-
www.fidelity.com come tax. Income exempt from feder-
Phone
al income tax may be subject to state
or local tax. A portion of the dividends
Fidelity Automated Service Telephone (FAST®) you receive may be subject to federal
1-800-544-5555 and state income taxes and may also
To reach a Fidelity representative be subject to the federal alternative
1-800-544-6666 minimum tax. You may also receive
Mail taxable distributions attributable to
Additional purchases: Redemptions:
the fund's sale of municipal bonds.
Fidelity Investments Fidelity Investments
P.O. Box 770001 P.O. Box 770001 Payments to
Cincinnati, OH Cincinnati, OH
45277-0003 45277-0035 Broker-Dealers and
TDD - Service for the Deaf and Hearing Impaired Other Financial
1-800-544-0118 Intermediaries
Shares of the fund are not eligible for The fund, the Adviser, Fidelity Dis-
purchase by registered investment tributors Company LLC (FDC), and/or
companies or business development their affiliates may pay intermediar-
companies to the extent such acquisi- ies, which may include banks,
tion is in reliance on Rule 12d1-4 un- broker-dealers, retirement plan spon-
der the Investment Company Act of sors, administrators, or service-pro-
1940. viders (who may be affiliated with the
Adviser or FDC), for the sale of fund
The price to buy one share is its net shares and related services. These
asset value per share (NAV). Shares payments may create a conflict of in-
will be bought at the NAV next calcu- terest by influencing your intermedi-
lated after an order is received in ary and your investment professional
proper form. to recommend the fund over another
investment. Ask your investment pro-
The price to sell one share is its NAV.
fessional or visit your intermediary's
Shares will be sold at the NAV next
web site for more information.
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.
Summary Prospectus 6Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual 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. Fidelity Distributors Company LLC (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, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2022 FMR LLC. All rights reserved. 1.958112.113 M23-SUM-1122-113
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