Fidelity Advisor Interm Municipal Income Fund Class A is an actively managed municipal bond mutual fund designed to provide a high level of current income that is generally exempt from federal income tax while seeking preservation of capital. The fund primarily invests at least 80% of assets in investment‑grade municipal securities, emphasizing intermediate maturities with a typical dollar‑weighted average maturity between three and ten years to balance income and interest‑rate risk. Management employs a total‑return approach that combines fundamental credit analysis, yield‑curve positioning, and evaluation of structural features, targeting interest‑rate sensitivity close to its municipal bond benchmark. The portfolio focuses on high‑quality general obligation and revenue bonds, with most exposure in AA and A ratings, reflecting a risk‑conscious profile. As a national strategy, it diversifies across states and sectors such as transportation, utilities, healthcare, and essential services, aiming for broad tax‑exempt income sources. The fund is overseen by an experienced municipal team and sits within the Muni National Intermediate category, serving tax‑sensitive investors seeking steady, federally tax‑exempt income from high‑quality issuers.
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