Municipal Bond New Issue Offerings

System availability and response time is subject to market conditions.

Actual yield and coupon may vary and will be determined on pricing date.

Some offerings listed here may only show estimated prices or yields, and are not firm offers, and are subject to change without notice.

The above offerings will generally not represent the universe of outstanding securities and should not be construed as all-inclusive.

You must make your own determination as to whether any of these securities are consistent with your investment objectives and risk tolerance. Move to top of paragraph Fidelity is not recommending or endorsing any of these securities by making them available to its customers. If you enter an order, Fidelity may notify you that the security may be more aggressive than your stated investment objective for your account.

FBS or certain Fidelity affiliates may participate in the offering of new issue municipal bonds as a member of the selling group or as an underwriter. As a member of the Selling group they may receive compensation from the issuer related to their role in the offering. See the official statement for more information.

Interest income generated by municipal bonds is generally expected to be free from federal income taxes and, if the bonds are held by an investor resident in the state of issuance, state and local income taxes. Such interest income may be subject to federal and/or state alternative minimum taxes. Short- and long-term capital gains and gains characterized as market discount recognized when bonds are sold or mature are generally taxable at both the state and federal level.

Investing in municipal bonds for the purpose of generating tax-exempt income is generally more beneficial the higher an investor's tax bracket. Tax-advantaged accounts such as IRAs and 401(k)s are generally not appropriate for holding tax-exempt municipal securities.

Market prices of zero coupon bonds tend to be more volatile than bonds which pay interest regularly. The full value of zero coupon bonds, including accrued interest, is not paid until maturity. Interest on taxable zero-coupon bonds is imputed annually as accreted interest and is subject to income taxes even though no payment is actually received by the investor in that year. This is often referred to as "phantom interest."

The federal tax exempt status of a security or its treatment for federal alternative minimum tax purposes is based on information supplied by third parties. It is provided for general informational purposes only. Consult the security's prospectus for more complete information regarding its tax status.

Bond ratings are from Standard & Poor’s and/or Moody's. The rating for insured bonds may differ from the credit rating of the issuer without any bond insurance. It may also differ from the credit rating of the bond’s insurer. Investors considering insured bonds should consider these ratings separately from that of the bond itself.

Related News is supplied by various third-party sources that are not affiliated with Fidelity or its affiliates. Fidelity has not been involved in the preparation of the content, does not alter or change content from third-party sources, and does not explicitly or implicitly endorse or approve such content. Content is provided for informational and/or education purposes only. You must make your own evaluation of how the information may influence your investment decision.

During certain time periods, the services may not provide access to certain content with respect to securities of issuers which are the subject of public offerings that are made available to Fidelity's brokerage customers.

Due to the possibility of system outages, untimely information provided by vendors, or various other reasons, Fidelity cannot guarantee the timeliness or accuracy of prices displayed. Price is subject to change and may be affected by availability and size of order. Yields are as of standard settlement and reflect the lower of the yield to maturity or the yield to call unless otherwise noted

Any fixed income security, including CDs, sold or redeemed prior to maturity may be subject to a gain or loss.

Although content is continuously supplied, it is only valid as of the date published and may become unreliable because of subsequent market conditions or other reasons.

In general, the bond market is volatile, bond prices rise when interest rates fall and vice versa. This effect is usually pronounced for longer-term securities.

The information provided herein is general in nature and should not be considered legal or tax advice. Fidelity does not provide legal or tax advice. Consult with an attorney or tax professional regarding your specific legal or tax situation.