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Fidelity Pennsylvania Municipal Money Market Fund
Fund Summary
Fund:
Fidelity® Pennsylvania Municipal Money Market Fund
Investment Objective
The fund seeks as high a level of current income, exempt from federal income tax and Pennsylvania personal income tax, as is 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.
Shareholder fees (fees paid directly from your investment)
Shareholder Fees (USD $)
Fidelity Pennsylvania Municipal Money Market Fund
Shareholder fees (fees paid directly from your investment) none
Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment
Annual Fund Operating Expenses
Fidelity Pennsylvania Municipal Money Market Fund
Management fee 0.50%
Distribution and/or Service (12b-1) fees none
Other expenses none
Total annual fund operating expenses 0.50%

This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder 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:

Expense Example (USD $)
Fidelity Pennsylvania Municipal Money Market Fund
1 year 51
3 years 160
5 years 280
10 years 628
Principal Investment Strategies
  • Normally investing in municipal money market securities.
  • Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal and Pennsylvania personal income taxes.
  • Potentially investing up to 20% of assets in municipal securities whose interest is subject to Pennsylvania personal income tax.
  • Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
  • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of 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 money market security to decrease.
  • Foreign Exposure. Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
  • Geographic Concentration. Unfavorable political or economic conditions within Pennsylvania can affect the credit quality of issuers located in that state.
  • Issuer-Specific Changes. 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 money market 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 Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

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. Past performance is not an indication of future performance.

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

Calendar Years

Bar Chart
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return0.83% June 30, 2007
Lowest Quarter Return 0.00%March 31, 2011
Average Annual Returns
For the periods ended
December 31, 2011
Average Annual Total Returns
Past 1 year
Past 5 years
Past 10 years
Fidelity Pennsylvania Municipal Money Market Fund
0.01% 1.03% 1.28%