Fidelity Intermediate Municipal Income Fund Q4 2025 Commentary

Fidelity Investments926 FollowersFollow5ShareSavePlay(12min)CommentsSummaryThe Bloomberg Municipal Bond Index gained 1.56% (including interest payments and price changes) for the quarter, helping munis offset a volatile first half of 2025 and lifting their full-year advance to 4.25%.Credit fundamentals for most tax-backed munis remained solid throughout the three months, with default rates very low and issuers' balance sheets generally healthy.From a sector perspective, revenue bonds (+ 1.57%) performed roughly in line with general obligation bonds (+1.60%). Among GOs, local-government debt (+1.71%) modestly outpaced state-backed bonds (+1.44%). primeimages/iStock via Getty Images Investment Approach Fidelity® Intermediate Municipal Income Fund (FLTMX) is a diversified national municipal bond strategy investing primarily in intermediate-maturity general obligation and revenue-backed securities. Our investment approach focuses on fundamental credit analysis, yield-curve positioning and an This article was written byFidelity Investments926 FollowersFollowFidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses it serves. With assets under administration of $12.6 trillion, including discretionary assets of $4.9 trillion as of December 31, 2023, Fidelity focuses on meeting the unique needs of a broad and growing customer base. Privately held for 77 years, Fidelity employs more than 74,000 associates with its headquarters in Boston and a global presence spanning nine countries across North America, Europe, Asia and Australia. Note: This account is not managed or monitored by Fidelity, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Fidelity's official channels.