Fidelity SAI Municipal Income Fund is an open-end municipal bond mutual fund focused on generating a high level of current income that is exempt from federal income tax. The portfolio normally invests at least 80% of assets in investment‑grade municipal securities, aligning its overall interest rate risk with an internal index representing the fund’s competitive universe. The strategy is broadly diversified across thousands of state and local issuers that finance essential public projects such as transportation, education, utilities, and general obligations, and it may concentrate more than a quarter of assets in securities funding similar project types when attractive opportunities arise. Managed within Fidelity’s SAI lineup, the fund emphasizes cost efficiency and scale, with multi‑billion‑dollar assets, low ongoing expenses, and monthly income distributions. Its role in the market is to provide tax‑advantaged cash flows and core national municipal exposure, offering investors a vehicle to access the investment‑grade muni market with professional credit research, active sector rotation, and disciplined duration management aimed at balancing income, quality, and interest‑rate sensitivity.
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