# EDGAR Filing Document

**Accession Number:** 0000035373
**File Stem:** 0001193125-23-087913
**Filing Date:** 2023-3
**Character Count:** 15361
**Document Hash:** 41e182b4909537d3692ebd163421f447
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-087913.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-087913

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000035373
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-55725
- **FILM NUMBER:** 23787106

**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:** MUNICIPAL BOND FUND/MA/
- **DATE OF NAME CHANGE:** 19860327

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND INC
- **DATE OF NAME CHANGE:** 19850503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MUNICIPAL BOND FUND LTD
- **DATE OF NAME CHANGE:** 19770201

## Series and Classes Contracts Data

### Fidelity Conservative Income Municipal Bond Fund (Series ID: S000042537)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000131629 | Institutional Class | FMNDX           |

**Fidelity**<sup>®</sup> **Conservative Income Municipal Bond Fund** 

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

**Fidelity**<sup>®</sup> **Conservative Income Municipal Bond Fund**/FMNDX

In this prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this prospectus.

**Fidelity**<sup>®</sup> **Conservative Income Municipal Bond Fund**, a class of shares of the fund, was formerly known as Institutional Class.

**Summary Prospectus** 

**April 1, 2023** 

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 <u>prospectus</u> and <u>SAI</u> dated April 1, 2023 are incorporated herein by reference.

![LOGO](g470608g93k15.jpg)

245 Summer Street, Boston, MA 02210

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**Fund Summary** 

Fund**/Class:**

Fidelity<sup>®</sup> Conservative Income Municipal Bond Fund/**Fidelity**<sup>®</sup> **Conservative Income Municipal Bond Fund**

**Investment Objective** 

Fidelity<sup>®</sup> Conservative Income Municipal Bond Fund seeks to provide a high level of income, exempt from federal income tax, consistent with 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.**

---

| | |
|:---|:---|
| **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)** | **(expenses that you pay each year as a % of the value of your investment)** |
| Management fee<sup>A</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses<sup>A</sup> | 0.10% |
| **Total annual operating expenses** | 0.30% |
| Fee waiver and/or expense reimbursement<sup>B</sup> | 0.05% |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.25% |

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<sup>A</sup> *Restated to reflect current fees.* 

<sup>B</sup> *Fidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse the class of shares of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, 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 0.25% (the Expense Cap). If at any time during the current fiscal year expenses for the class of 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, 2025. 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.* 

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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 the 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:

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| | |
|:---|:---|
| 1 year | $26 |
| 3 years | $86 |
| 5 years | $158 |
| 10 years | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |

---

**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 56% of the average value of its portfolio.

**Principal Investment Strategies** 

• Normally investing at least 80% of assets in U.S. dollar-denominated municipal money market securities and high quality investment-grade municipal debt securities whose interest is exempt from federal income tax.

• Investing up to 10% of assets in lower quality investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Managing the fund to have similar overall interest rate risk to the 50% Bloomberg Municipal Bond 1 Year (1-2Y) Index / 50% iMoneyNet<sup>SM</sup> All Tax-Free National Retail Money Market Funds Average.

• Normally maintaining a dollar-weighted average maturity of one year or less.

• Normally investing in securities with a maximum maturity of four 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.

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**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 or money market 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* *Corpo ration 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 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 a hypothetical composite of market indexes 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.

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**Year-by-Year Returns**![LOGO](g470608g00a04.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *During the periods shown in the chart:* | | *Returns* | | *Quarter ended* |
| &nbsp;&nbsp; *Highest Quarter Return* | | *0.80%* | | *December 31, 2022* |
| &nbsp;&nbsp; *Lowest Quarter Return* | | *-0.64%* | | *March 31, 2022* |

---

**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<br> December 31, 2022 | Past 1<br> year | Past 5<br> years | Life of<br> class<sup>A</sup> |
| **Fidelity**<sup>®</sup> **Conservative Income Municipal Bond Fund** |  |  |  |
| &nbsp;&nbsp; **Return Before Taxes** | 0.27% | 0.95% | 0.79% |
| &nbsp;&nbsp; **Return After Taxes on Distributions** | 0.27% | 0.95% | 0.79% |
| &nbsp;&nbsp; **Return After Taxes on Distributions and Sale of Fund Shares** | 0.56% | 0.97% | 0.79% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br> **(reflects no deduction for fees, expenses, or taxes)** | -1.13% | 1.02% | 0.83% |
| Fidelity Conservative Income Municipal Bond Composite Index<sup>SM</sup><br> **(reflects no deduction for fees, expenses, or taxes)** | 0.01% | 1.00% | 0.77% |

---

<sup>A</sup> *From October 15, 2013.*

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**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)** 

Elizah McLaughlin (Co-Portfolio Manager) has managed the fund since 2017.

Ryan Brogan (Co-Portfolio Manager) has managed the fund since 2021.

Cormac Cullen (Co-Portfolio Manager) has managed the fund since 2021.

Michael Maka (Co-Portfolio Manager) has managed the fund since 2021.

**Purchase and Sale of Shares** 

You may buy or sell shares through a Fidelity<sup>®</sup> 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**<sup>®</sup>**)** 

**1-800-544-5555** 

**To reach a Fidelity representative 1-800-544-6666** 

**Mail** 

---

| | |
|:---|:---|
| **Additional purchases:**<br>**Fidelity Investments**<br> **P.O. Box 770001**<br> **Cincinnati, OH**<br> **45277-0003** | **Redemptions:**<br>**Fidelity Investments**<br> **P.O. Box 770001**<br> **Cincinnati, OH**<br> **45277-0035** |

---

**TDD - Service for the Deaf and Hearing Impaired** 

**1-800-544-0118** 

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order 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.

There is no purchase minimum for shares of the fund offered in this prospectus.

**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.

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**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.

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Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity<sup>®</sup> 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. <sup>©</sup> 2023 FMR LLC. All rights reserved.

1.967777.114 CMB-I-SUM-0323