Fidelity Municipal Income Fund 10–20 Year is a mutual fund specializing in long-term municipal bonds, primarily targeting maturities between 10 and 20 years. Its core purpose is to provide federally tax-exempt income by investing at least 80% of its assets in investment-grade municipal securities issued by U.S. state and local governments. These bonds finance essential public projects such as schools, infrastructure, and transportation, supporting municipal development while offering potential tax-advantaged returns for investors. The fund is distinguished by its emphasis on high credit quality, with significant allocations to bonds rated AA and A, and maintains a diversified portfolio to mitigate issuer and sector risk. It is designed for investors seeking to balance income stability with interest rate sensitivity typical of intermediate-to-long-duration municipal debt. In the broader financial market, the fund plays a significant role within fixed income strategies focused on after-tax income, and serves as a tool for diversification in income-oriented portfolios, particularly for individuals in higher tax brackets or those with long-term municipal bond investment goals.
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