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The following article provides the answer to your question:
iTunes Store purchases or songs imported from CDs are saved in your My Music folder by default and are not deleted by removing iTunes. While it is highly unlikely that you will lose any contents of your iTunes Library when following these steps, it is always a good idea to ensure that your iTunes library is backed up. If you're unsure how to backup, see iTunes: Back up your iTunes library by copying to an external hard drive.