Fidelity Intermediate Government Income Fund
FSTGX
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- Fidelity Intermediate Government Income Fund (FSTGX) is an open-end mutual fund managed by Fidelity Investments that seeks a high level of current income with a limited fluctuation in principal by investing primarily in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; U.S. government agency mortgage-backed securities; and investment-grade debt securities. The fund's portfolio includes U.S. Treasury bonds and notes with intermediate maturities, agency debentures such as those issued by Fannie Mae, Freddie Mac, and Ginnie Mae; adjustable-rate mortgage-backed securities; and other fixed-income instruments rated investment grade or higher by Moody's, S&P, or Fitch, or determined to be of equivalent quality by Fidelity. It maintains a dollar-weighted average maturity of less than 7 years and an average effective duration typically between 2 and 5 years to balance yield and interest rate risk. The fund operates within the intermediate government bond segment of the taxable fixed-income market, targeting income-oriented investors such as retirees, institutions, and conservative portfolios seeking capital preservation alongside moderate returns. Geographically focused on U.S. dollar-denominated securities issued by domestic government entities, it has no significant international exposure. Launched in 1987 and domiciled in Boston, Massachusetts, the fund is part of Fidelity's extensive lineup of fixed-income offerings under the umbrella of Fidelity Management & Research Company LLC, with no notable subsidiaries or parent fund relationships beyond Fidelity's broader mutual fund complex. Recent developments include portfolio adjustments in response to Federal Reserve rate policies, with increased allocations to shorter-duration Treasuries amid 2024-2025 rate volatility; a minor expense ratio reduction to 0.41% effective mid-2025 to enhance competitiveness; and integration of enhanced ESG screening for agency mortgage-backed securities following Fidelity's firm-wide sustainability initiatives announced in late 2024. No major acquisitions, partnerships, or structural changes have occurred in the past two years, maintaining its core no-load share class structure available through brokerage platforms, retirement accounts, and direct Fidelity channels.