A couple of manager changes, no changes in B-H-S ratings

There are no ratings changes recommended because of these new manager appointments.

Effective June 30, 2010:

Mark Sommer and Kevin Ramundo have been named
co-managers of Fidelity Municipal Income Fund, Fidelity Advisor Municipal
Income Fund and Fidelity Tax-Free Bond Fund, succeeding Christine J. Thompson,
who has been appointed to the new position of chief investment officer of
Fidelity’s Bond Group.  Sommer and Ramundo will co-manage all three funds
with current co-portfolio manager Jamie
, who will serve as the funds’ lead manager. Pagliocco and Ramundo
also have been named co-managers of Fidelity Intermediate Municipal Income Fund
and Fidelity Short-Intermediate Municipal Income Fund, which they will manage
with current manager Mark Sommer, who will serve as lead manager of the two
funds. In addition, Ramundo has been named portfolio manager of Fidelity
Arizona Municipal Income Fund, Fidelity Massachusetts Municipal Income Fund and
Fidelity Minnesota Municipal Income Fund, also succeeding Thompson. Pagliocco
and Sommer will continue with their other current portfolio management
responsibilities. Pagliocco joined Fidelity’s Fixed Income Division in 2001 as
a municipal bond trader.  In 2005, he was named assistant head trader for
Fixed Income, trading municipal bonds and managing other municipal traders.  In
2006, he started managing municipal bond funds. Sommer joined Fidelity’s Fixed
Income Quantitative Research Group in 1992.  In 1997, he became a
portfolio manager in Fixed Income’s Stable Value Group.  He began managing
municipal bond funds in 2002. Since joining
Fidelity’s Fixed Income Division in 2000, Ramundo has served as an analyst in
the municipal bond group with a focus on health care municipal securities. He
previously worked at Moody’s Investor Services from 1991 until 2000, first as a
research analyst and eventually being promoted to the position of senior vice
president and manager of the health care group in 1997. Ramundo began his
career at Cooper’s & Lybrand in 1989 as an associate consultant in the
health care consulting group.