Fidelity SAI Tax-Free Bond Fund is an open-end municipal bond mutual fund designed to deliver a high level of current income that is exempt from U.S. federal income tax. The fund typically invests at least 80% of assets in investment-grade municipal securities, emphasizing medium- and high-quality issuers across states, revenue sectors, and general obligation structures. Positioned in the Muni National Long category, it targets diversified exposure with moderate interest-rate sensitivity, reflected in a medium/medium profile and an effective duration in the intermediate-to-long range. Notable characteristics include a low expense ratio and monthly distributions, aligning with its income-oriented mandate. With a large, diversified portfolio spanning more than a thousand holdings, the strategy seeks broad sector coverage such as essential services, transportation, housing finance, and state-supported revenue bonds. The fund plays a role in the market as a cost-efficient vehicle for accessing tax-exempt municipal income, appealing to taxable investors seeking federally tax-free cash flows while maintaining an investment-grade risk posture supported by Fidelity’s municipal research platform.
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