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FHIGX Fidelity® Municipal Income

  • Fund
  • FHIGX
  • Price as of: Dec 02, 2016
  • $12.74
  • + $0.02
  • + 0.16%
  • Category
  • National Munis

FHIGX - Profile

Vitals

  • YTD Return -5.2%
  • 3 Yr Annualized Return 0.0%
  • 5 Yr Annualized Return -0.2%
  • Net Assets $5.76 B
  • Holdings in Top 10 7.3%

52 WEEK LOW AND HIGH

$12.74
$12.72
$13.93

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.48%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 14.00%

TRADING FEES

  • Max Redemption Fee 0.50%

Min Investment

STANDARD (TAXABLE)

$10,000

IRA

$10,000

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Long

Distributions

  • YTD Total Return -5.2%
  • 3 Yr Annualized Total Return 0.2%
  • 5 Yr Annualized Total Return -0.1%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 3.42%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Fidelity® Municipal Income Fund
  • Fund Family Name Fidelity Investments
  • Inception Date Dec 01, 1977
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Kevin Ramundo

Fund Description

The fund normally invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax. It allocates assets across different market sectors and maturities. Potentially the fund invests more than 25% of total assets in municipal securities that finance similar types of projects.

FHIGX - Performance

Return Ranking - Trailing

Period FHIGX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -5.2% -6.1% 99.4% 67.15% 5
1 Yr -5.5% -7.6% 10.7% 88.93% 5
3 Yr 0.0% * -4.5% 7.6% 71.08% 4
5 Yr -0.2% * -1.7% 6.9% 72.64% 4
10 Yr -0.2% * -2.3% 5.3% 81.82% 5

* Annualized


Return Ranking - Calendar

Period FHIGX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.7% -10.9% 2.6% 45.95% 4
2014 6.7% -2.2% 12.0% 13.61% 1
2013 -6.6% -11.9% 0.1% 46.58% 4
2012 4.1% -7.1% 10.2% 22.67% 2
2011 6.2% -1.8% 15.2% 17.56% 2

Total Return Ranking - Trailing

Period FHIGX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -5.2% -6.1% 99.4% 68.78% 5
1 Yr -5.0% -8.9% 10.0% 88.11% 5
3 Yr 0.2% * -5.4% 7.6% 71.25% 4
5 Yr -0.1% * -0.9% 6.9% 76.57% 5
10 Yr 0.0% * -2.3% 5.3% 82.56% 5

* Annualized


Total Return Ranking - Calendar

Period FHIGX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -9.7% 5.1% 36.66% 3
2014 6.7% -0.9% 17.0% 17.45% 2
2013 -6.5% -11.9% 2.1% 52.09% 4
2012 4.2% -0.6% 17.8% 30.36% 3
2011 6.3% -1.1% 16.2% 29.34% 2

NAV & Total Return History

FHIGX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

FHIGX Category Low Category High FHIGX % Rank Quintile
Net Assets 5.76 B 491 K 53 B 2.42% 1
Number of Holdings 1035 1 6199 2.90% 1
Net Assets in Top 10 419 M -179 M 1.27 B 3.71% 1
Weighting of Top 10 7.3% 0.0% 100.0% 30.81% 5

Top 10 Holdings

  1. New Jersey Econ Dev Auth 5% 1.35%
  2. Grand Parkway Transn Corp Tex Toll 5.25% 1.11%
  3. New York N Y City Mun Wtr Fin Rev 5.375% 0.85%
  4. South Carolina St Pub Svcs Aut Rev 5.5% 0.71%
  5. Illinois Fin Auth 5% 0.62%
  6. Austin Tex Arpt Sys Rev Rev Bds 5% 0.55%
  7. Metropolitan Transn Auth 5% 0.55%
  8. Indiana St Fin Auth 5% 0.52%
  9. California St Var Purp 5.25% 0.51%
  10. Illinois Fin Auth 5.625% 0.51%

Asset Allocation

Weighting Category Low Category High FHIGX % Rank Quintile
Bonds
99.09% 0.00% 202.21% 5.96% 2
Cash
0.91% -110.85% 100.00% 23.55% 4
Other
0.00% -2.77% 27.54% 6.94% 4
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 4
Preferred Stocks
0.00% 0.00% 11.46% 1.45% 4
Stocks
0.00% 0.00% 1.40% 1.13% 4

Bond Sector Breakdown

Weighting Category Low Category High FHIGX % Rank Quintile
Municipal
99.09% 0.00% 140.62% 5.48% 2
Cash & Equivalents
0.91% -110.85% 100.00% 23.71% 4
Securitized
0.00% 0.00% 41.81% 2.74% 4
Corporate
0.00% 0.00% 34.61% 4.35% 4
Derivative
0.00% -0.43% 4.79% 0.48% 4
Government
0.00% -42.63% 117.34% 7.58% 4

Bond Geographic Breakdown

Weighting Category Low Category High FHIGX % Rank Quintile
US
99.09% 0.00% 202.21% 5.97% 2
Non US
0.00% 0.00% 20.62% 0.81% 4

FHIGX - Expenses

Operational Fees

FHIGX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.48% 0.10% 4.60% 22.38% 1
Management Fee 0.36% 0.00% 1.00% 3.70% 2
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.35% N/A N/A

Sales Fees

FHIGX Fees (% of AUM) Category Low Category High FHIGX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

FHIGX Fees (% of AUM) Category Low Category High FHIGX Rank Quintile
Max Redemption Fee 0.50% 0.25% 2.00% 5.00% 2

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FHIGX Fees (% of AUM) Category Low Category High FHIGX Rank Quintile
Turnover 14.00% 0.00% 783.51% 13.85% 2

FHIGX - Distributions

Dividend Yield Analysis

FHIGX Category Low Category High FHIGX % Rank Quintile
Dividend Yield 0.5% 0.00% 2.86% 7.99% 1

Dividend Distribution Analysis

FHIGX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

FHIGX Category Low Category High FHIGX % Rank Quintile
Net Income Ratio 3.42% -0.60% 5.26% 9.66% 1

Capital Gain Distribution Analysis

FHIGX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Daily Annually

FHIGX - Managers

Kevin Ramundo

Manager

Start Date

Jun 30, 2010

Tenure

6.34

Tenure Rank

10.6%

Kevin Ramundo is lead portfolio manager of Fidelity Municipal Income 2017 Fund, Fidelity Municipal Income 2021 Fund, and Fidelity Municipal Income 2023 Fund and co-manager of Fidelity Municipal Income 2015 Fund and Fidelity Municipal Income 2019 Fund, which he has managed (other than Fidelity Municipal Income 2023 Fund) since May 2011. He has managed Fidelity Municipal Income 2023 Fund since April 2013. He also manages other funds. Since joining Fidelity Investments in 2000, Mr. Ramundo has worked as a research analyst and portfolio manager.


Mark Sommer

Manager

Start Date

Jun 30, 2010

Tenure

6.34

Tenure Rank

10.6%

Sommer is manager of Fidelity funds. Since joining Fidelity in 1992, Sommer has worked as an analyst and manager.


Cormac Cullen

Manager

Start Date

May 02, 2016

Tenure

0.5

Tenure Rank

17.8%

Since joining Fidelity Investments in 2007, Mr. Cullen has worked as a research analyst, structured analyst, senior legal counsel, and portfolio manager.


Tenure Analysis

Category Low

0.0

Category High

37.1

Category Average

7.32

Category Mode

4.8