# EDGAR Filing Document

**Accession Number:** 0000215829
**File Stem:** 0000215829-26-000053
**Filing Date:** 2026-6
**Character Count:** 20403
**Document Hash:** f3e9843e3079c5478e2970295d437b72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000215829-26-000053.hdr.sgml**: 20260611

**ACCESSION NUMBER**: 0000215829-26-000053

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260611

**DATE AS OF CHANGE**: 20260611

**EFFECTIVENESS DATE**: 20260611

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SCHOOL STREET TRUST
- **CENTRAL INDEX KEY:** 0000215829

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-57167
- **FILM NUMBER:** 261084143

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY SCHOOL STREET TRUST/
- **DATE OF NAME CHANGE:** 19940526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY LIMITED TERM MUNICIPALS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Intermediate Municipal Income Fund (Series ID: S000007186)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000276224 | ETF Class    | FIMU            |

**Fidelity** Intermediate Municipal Income Fund

**<u>Class</u>**<u>/Ticker</u>

**ETF Class/FIMU**

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

**Summary Prospectus**

**June 12, 2026**

**The fund's ETF Class shares are listed on a national securities exchange and are not individually redeemable. The fund offers one or more mutual fund classes described in a separate prospectus in addition to ETF Class shares.**

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 fundresearch.fidelity.com/prospectus/sec. 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 and SAI dated June 12, 2026 are incorporated herein by reference.

![](img133523_1.jpg)

245 Summer Street, Boston, MA 02210

**Fund Summary**

Fund**/Class:**

Fidelity® Intermediate Municipal Income Fund**/ETF Class** 

**Investment Objective**

Fidelity® Intermediate Municipal Income 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, hold, and sell shares of the fund's ETF Class. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**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  | 0.26%  |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses | 0.05% A |
| **Total annual operating expenses** | 0.31%  |
| Fee waiver and/or expense reimbursement | 0.01% B |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.30%  |

---

ABased on estimated amounts for the current fiscal year.

BFidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse ETF Class shares of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.30% (the Expense Cap). If at any time during the current fiscal year expenses for ETF Class shares of the fund fall below the Expense Cap, FMR reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through April 30, 2028. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

This **example** helps compare the cost of investing in the fund's ETF Class with the cost of investing in other funds or classes.

Let's say, hypothetically, that the annual return for ETF Class shares of the fund is 5% and that the fees and the annual operating expenses for shares of the fund's ETF Class 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 ETF Class shares at the end of each time period indicated:

---

| | |
|:---|:---|
| 1 year | $31 |
| 3 years | $98 |
| 5 years | $172 |
| 10 years | $391 |

---

**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 15% of the average value of its portfolio.

**Principal Investment Strategies**

* Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax. The municipal securities in which the fund invests are normally investment-grade (those of medium and high quality).

Municipal debt securities are issued to raise money for a variety of public and private purposes, including general financing for state and local governments, financing for eligible non-profit organizations, or financing for a specific project or public facility. Municipal debt securities in which the fund invests include securities issued by U.S. territories and possessions, general obligation bonds of municipalities, local or state governments, project or revenue-specific bonds, or pre-refunded or escrowed bonds, municipal money market securities, and synthetic securities. Municipal securities usually pay a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security.

Investment grade securities in which the fund invests include securities or issuers rated at least BBB- or its equivalent by at least one nationally recognized statistical ratings organization (NRSRO), or, if unrated, determined by the Adviser to be of comparable quality.

Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.

* Managing the fund to have similar overall interest rate risk to the supplemental index (see "Additional Index Information" section of the prospectus).

* 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 (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.

* *Fluctuation of Net Asset Value and Share Price.*

The net asset value per share (NAV) of the fund's ETF Class will generally fluctuate with changes in the market value of the fund's holdings. The fund's ETF Class shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund's ETF Class shares may result in the fund's ETF Class shares trading significantly above (at a premium) or below (at a discount) to NAV.

Given the nature of the relevant markets for certain of the fund's securities, the fund's ETF Class shares may trade at a larger premium or discount to the NAV than shares of other ETFs.

In addition, in stressed market conditions or periods of market disruption or volatility, the market for the fund's ETF Class shares may become less liquid in response to deteriorating liquidity in the markets for the fund's underlying portfolio holdings.

* *Trading Issues.*

There can be no assurance that an active trading market will be maintained. Market makers and Authorized Participants are not obligated to make a market in the fund's ETF Class shares or to submit purchase and redemption orders for creation units. Decisions by market makers or Authorized Participants to reduce their role with respect to market making or creation and redemption activities during times of market stress, or a decline in the number of Authorized Participants due to decisions to exit the business, bankruptcy, or other factors, could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying value of the fund's portfolio securities and the market price of the fund's ETF Class shares. In addition, trading may be halted, for example, due to market conditions.

* *Cash Transactions Risk.*

The fund may effect some or all creations and redemptions of its ETF Class shares using cash rather than in-kind securities. As a result, an investment in the fund may be less tax-efficient than an investment in a fund that effects ETF share class redemptions entirely in-kind.

*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*. *You could lose money by investing in the fund.*

*Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate.*

**Performance**

The following information is intended to help you understand the risks of investing in the fund.

The ETF Class shares are a new class of shares for which performance information is not available, and therefore, for periods prior to the inception of the ETF Class shares, the bar chart and table show performance information for the Fidelity® Intermediate Municipal Income Fund shares of the fund, a mutual fund class of shares of the fund not offered in this Prospectus. Returns of the ETF Class shares of the fund may vary from the returns of the Fidelity® Intermediate Municipal Income Fund shares due to differences in expenses.

The information illustrates the changes in the performance of Fidelity® Intermediate Municipal Income Fund, a class of shares of the fund, from year to year and compares the performance of this class to the performance of a securities market index and additional indexes over various periods of time. The additional 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 for Fidelity® Intermediate Municipal Income Fund, a class of shares of the fund.

Performance history will be available at www.fidelity.com for ETF Class after ETF Class has been in operation for one calendar year.

**Year-by-Year Returns\***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| *-*0.01%<br>| 4.48%<br>| 1.19%<br>| 6.55%<br>| 4.54%<br>| 1.14%<br>| *-*6.27%<br>| 5.51%<br>| 1.37%<br>| 5.04%<br>|

---

![](img133523_4.jpg)

---

| | | |
|:---|:---|:---|
| *During the periods shown in the chart for Fidelity® Intermediate Municipal Income Fund:* | *Returns* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Quarter ended* |
| *Highest Quarter Return* | *6.06%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*December 31, 2023* |
| *Lowest Quarter Return* | *-5.05%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2022* |
| *Year-to-Date Return* | *-0.47%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*March 31, 2026* |

---

*\* The returns shown above are for Fidelity® Intermediate Municipal Income Fund, a class of shares of the fund that is not offered through this prospectus. ETF Class would have substantially similar annual returns to Fidelity® Intermediate Municipal Income Fund because the classes are invested in the same portfolio of securities. ETF Class's returns would differ from Fidelity® Intermediate Municipal Income Fund's returns only to the extent that the classes do not have the same expenses.*

**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.

---

| | | | |
|:---|:---|:---|:---|
| <br> For the periods ended December 31, 2025 | &nbsp;&nbsp;Past 1<br> year | &nbsp;&nbsp;Past 5<br> years | Past 10<br> years |
| **Fidelity® Intermediate Municipal Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Return Before Taxes** | &nbsp;&nbsp;5.04% | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Return After Taxes on Distributions** | &nbsp;&nbsp;5.03% | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Return After Taxes on Distributions and Sale of Fund Shares**<br>| &nbsp;&nbsp;4.16% | &nbsp;&nbsp;1.50% | &nbsp;&nbsp;2.31% |
| Bloomberg 3-15 Year Blend (2-17) Municipal Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 5.30% | &nbsp;&nbsp; <br> 1.10% | &nbsp;&nbsp; <br> 2.34% |
| Fidelity Intermediate Municipal Income Linked Index℠<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 5.30% | &nbsp;&nbsp; <br> 1.18% | &nbsp;&nbsp; <br> 2.28% |
| Bloomberg Municipal Bond Index<br> **(reflects no deduction for fees, expenses, or taxes)** | &nbsp;&nbsp; <br> 4.25% | &nbsp;&nbsp; <br> 0.80% | &nbsp;&nbsp; <br> 2.34% |

---

*\* The returns shown above are for Fidelity® Intermediate Municipal Income Fund, a class of shares of the fund that is not offered through this prospectus. ETF Class would have substantially similar annual returns to Fidelity® Intermediate Municipal Income Fund because the classes are invested in the same portfolio of securities. ETF Class's returns would differ from Fidelity® Intermediate Municipal Income Fund's returns only to the extent that the classes do not have the same expenses.*

**Investment Adviser**

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)**

Cormac Cullen (Co-Portfolio Manager) has managed the fund since 2016.

Elizah McLaughlin (Co-Portfolio Manager) has managed the fund since 2018.

Michael Maka (Co-Portfolio Manager) has managed the fund since 2020.

**Purchase and Sale of Shares**

**ETF Class shares of the fund are listed and traded on an exchange, and individual ETF Class shares may only be bought and sold in the secondary market through a broker or dealer at market price and are not individually redeemable.** These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at NAV. ETF Class shares of the fund may trade at a price greater than the ETF Class's NAV (premium) or less than the ETF Class's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase ETF Class shares (bid) and the lowest price a seller is willing to accept for such shares (ask) when buying or selling ETF Class shares in the secondary market (the "bid-ask spread"). Recent information, including information regarding the ETF Class's NAV, market price, premiums and discounts, and bid-ask spread, is available at www.fidelity.com.

**The fund offers one or more mutual fund classes described in a separate prospectus in addition to ETF Class shares.** A shareholder holding a mutual fund class of the fund may convert those shares to ETF Class shares issued by the fund to the extent supported by the shareholder's financial intermediary. Shareholders should contact their financial intermediary to determine the eligibility of their account for such a conversion. ETF Class shares, whether acquired through a conversion or purchased on the secondary market, cannot be converted to mutual fund class shares of the fund or exchanged for mutual fund class shares or ETF Class shares of another fund. See "Shareholder Information -- Conversions" below for additional information.

**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 bonds.

**Payments to Broker-Dealers and Other Financial Intermediaries**

The fund, the Adviser, Fidelity Distributors Company LLC (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.

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.© 2026 FMR LLC. All rights reserved.

1.9922438.100 IMF-SUM-0626