Fidelity Pennsylvania Municipal Income Fund is an open-end municipal bond fund focused on generating tax-exempt income for Pennsylvania residents. Its primary objective is to deliver a high level of current income that is exempt from federal income tax and Pennsylvania personal income tax, achieved by investing predominantly in investment-grade Pennsylvania municipal securities. The portfolio typically allocates at least 80% of assets to these tax-exempt bonds and may concentrate more than a quarter of assets in issues financing similar projects, reflecting the structure of the state’s muni market. The fund spans sectors such as transportation, water and wastewater, healthcare, higher education, and essential-service revenue bonds, with holdings that have included entities like the Pennsylvania Turnpike Commission, Philadelphia water and gas authorities, and regional hospital and airport financings. Managed within Fidelity’s municipal platform, the strategy balances credit selection and interest-rate sensitivity, targeting a medium credit quality and moderate duration profile to align income needs with risk management in the state-specific muni space. Established in 1986, it serves investors seeking state- and federally tax-exempt income with professional active management and diversified exposure across Pennsylvania issuers.
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