Description

The fund's primary objective is to generate a high level of current income, free from federal income tax, while simultaneously safeguarding investors' principal. To achieve this, it typically allocates a minimum of 80% of its total assets to high-quality municipal bonds. These bonds are specifically selected because their interest income is exempt from federal taxation, and the fund's adviser, Fidelity Management & Research Company LLC (FMR), deems them to exhibit favorable environmental, social, and governance (ESG) attributes. The portfolio generally maintains a dollar-weighted average maturity that falls within the three to ten-year range.