Fidelity Pennsylvania Municipal Income Fund
FPXTX
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- Fidelity Pennsylvania Municipal Income Fund (FPXTX) is a municipal bond mutual fund that seeks a high level of current income exempt from federal income tax and Pennsylvania personal income tax. The fund invests at least 80% of its assets in investment-grade municipal debt securities issued by or on behalf of the Commonwealth of Pennsylvania and its political subdivisions, including general obligation bonds, revenue bonds such as those for airports, turnpikes, water and wastewater systems, universities, and solid waste disposal facilities; it may also allocate to non-Pennsylvania municipal securities and cash equivalents like Fidelity Municipal Cash Central, with top holdings including Philadelphia PA Authority for Industrial Development Hospital Revenue bonds, Allegheny County PA Airport Authority Airport Revenue bonds, and Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue bonds. Managed within the Muni Pennsylvania category with medium credit quality and moderate interest rate sensitivity, the fund features an adjusted expense ratio of 0.47%, total assets of approximately $394 million, a TTM yield of 2.92%, and effective duration of 6.47 years; it offers monthly dividends and distributes capital gains, if any, in February and December. Founded in June 1986 and domiciled in the United States, the fund operates under Fidelity Investments, headquartered in Boston, Massachusetts. Portfolio co-managers include Cormac Cullen (since May 2016), Elizah McLaughlin (since September 2018), and Michael Maka (since March 2020), with an average team tenure exceeding 7 years on the fund. Recent developments include heavy exposure to new-issue municipal supply pressures in 2025, ongoing portfolio oversight amid market yield increases, and a June 30, 2025, portfolio manager Q&A highlighting strategic positioning; no major acquisitions, partnerships, funding rounds, or structural changes were reported in the last 1-2 years.