Fidelity Tax-Free Bond  FTABX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni National Long Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   8.00 Yrs
   Avg Credit Quality
   A
As of 2009-09-30
Day Change
$ -0.01
  
NAV (2009-11-10)
$ 10.68
  
YTD Return % (2009-11-10)
11.87%
  
Total Assets ($ mil)
1,749
View Data Definitions
  Performance    
Growth of $10,000 Fund: Fidelity Tax-Free Bond
(from 2001-04-10 to 2009-10-31) Category: Muni National Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-10
Inception date: 2001-04-10 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-10
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 12.33 11.68 3.94 4.24 --- 5.32
+/- Category -3.86 -2.54 1.90 1.40 --- ---
+/- BarCap Municipal TR USD 0.19 0.01 -0.31 -0.12 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 14.48 14.29 4.92 4.72 --- 5.64
Month-End (as of 2009-10-31) 12.07 13.49 3.94 4.07 --- 5.32
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 13.48 3.92 4.04 --- ---
On Distribution & Sale of Shares --- 10.37 3.95 4.06 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 247 funds), (5 yrs : out of 228 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 0.50%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 27.78
Advance Refunded 0.70
State Appropriated Tobacco 0.52
Non-state Appropriated Tobacco 2.63
Education 6.91
Health 6.42
Housing 0.10
Industrial 0.79
Transportation 5.08
Utilities 1.75
Water/Sewer 6.73
Misc. Revenue 40.59
Bond Quality % of Bonds
AAA 7.6
AA 43.8
A 28.2
BBB 12.1
BB 0.0
B 0.0
Below B 0.1
Not Rated 8.2
 
Asset Allocation
% of Net Assets
Cash 1.2
Stocks 0.0
Bonds 98.8
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 20
Total Number of Bond Holdings 734 30 Day SEC Yield % 3.77
% of Assets in Top 10 Holdings 7.52 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
New York N Y City Transitional Ref Bds 2026-11-01 17,245 18,732 1.09
New York N Y City Transitional Bldg A 6% 2038-07-15 13,000 14,784 0.86
Atlanta Ga Wtr & Waste Wtr Rev Ref 6.25% 2039-11-01 12,700 13,755 0.80
Broward Cnty Fla Wtr & Swr Uti Rev 5.25% 2034-10-01 12,120 12,980 0.75
New York N Y City Mun Wtr Fin Seco 4.75% 2033-06-15 12,500 12,926 0.75
Clark Cnty Nev Wtr Reclamation Go 5.625% 2032-07-01 10,730 11,888 0.69
Los Angeles Calif Cmnty Colleg Go Bds 6% 2033-08-01 10,000 11,602 0.67
Los Angeles Calif Wastewtr Sys Rev 5.75% 2034-06-01 10,000 11,338 0.66
Waxahachie Tex Indpt Sch Dist 5% 2037-08-15 10,200 10,784 0.63
Univ Ark Univ Revs Various F 5% 2036-11-01 10,000 10,610 0.62
Data through 2009-09-30
  Other Information
Fund Inception: 2001-04-10
Portfolio Manager  (Start Date)
Jamie Pagliocco  (2009-02-01)
Pagliocco is co-manager of Advisor Municipal Income Fund, which he has managed since February 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 2001, Mr. Pagliocco has worked as a municipal bond trader, assistant fixed income head trader and portfolio manager.
Christine Jones Thompson  (2001-04-10)
Thompson is lead manager of Advisor Municipal Income fund, which she has managed since July 1998. Thompson also manages other Fidelity funds. Since joining Fidelity Investments in 1985, she has worked as an analyst and manager. Previously, she worked as an equity research analyst intern at Lord Abbett & Company during the summer of 1984. From 1980 to 1983, she served as an analyst and client service consultant with Associates for International Research.
Sales Charge %
(taken from prospectus dated 2009-04-01)
Front: None
Deferred: None
Expense Ratio % 0.22
based on net assets
(taken from annual report dated 2009-01-31)
Correspondence Information
82 Devonshire Street
Mailzone Z1c
Boston,  MA  02109
United States
Telephone:
800-544-6666
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

© Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.