Fidelity Intermediate Municipal Income Fund
Fidelity School Street Trust · Series S000007186 · 7 share classes
data updated 2026-08-17
Fund profile
As filed in the prospectus · 2026 Q2
Fidelity Intermediate Municipal Income Fund seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital.
The fund invests at least 80% of assets in investment-grade municipal securities, selecting bonds based on credit quality, valuation, and trading opportunities while managing the portfolio to track similar interest rate risk to a supplemental index and maintain a dollar-weighted average maturity between three and 10 years. Because security selection depends on the manager's analysis of credit quality and valuation rather than mechanical index replication, the fund's returns may diverge from its benchmark.
| Share class | Gross | Net | As of |
|---|---|---|---|
| FLTMX | 0.39% | 0.37% | 2026 Q1 |
| FZIAX | 0.70% | 0.68% | 2026 Q1 |
| FZICX | 1.42% | 1.42% | 2026 Q1 |
| FZITX | 0.66% | 0.65% | 2026 Q1 |
| FZIIX | 0.45% | 0.44% | 2026 Q1 |
| FIQZX | 0.32% | 0.31% | 2026 Q1 |
| FIMU | 0.31% | 0.30% | 2026 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 15.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 94.40% |
| Cash & short-term | 5.25% |
Latest quarter
What changed since the fund's previous filing
Largest new: CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV, TENNESSEE ENGY ACQ CRP GAS REV, BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV ×3, TEXAS STATE, OHIO ST HOSP REV, FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO TO MUN SECS
Largest exited: KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV, LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, TEXAS WTR DEV BRD, NEW YORK CITY GO, DALLAS FORT WORTH TX INTL ARPT, DALLAS TX AREA RAP TR SALE TAX, FLORIDA DEV FIN CORP REV, PENNSYLVANIA ST
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 80.2% |
| Floating rate | 19.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 4.8% |
| 3-5y | 9.4% |
| 5-10y | 35.4% |
| 10y+ | 49.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.16 yr |
| High yield | +0.20 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.35 yr | 7% |
| 5 yr | 1.82 yr | 36% |
| 10 yr | 2.60 yr | 51% |
| 30 yr | 0.32 yr | 6% |
| 3 mo | 0.45 yr | 8% |
| 1 yr | 1.47 yr | 27% |
| 5 yr | 2.41 yr | 45% |
| 10 yr | 0.98 yr | 18% |
| 30 yr | 0.05 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.44 | +0.01 | $619.7k | $16.6k |
| 1 yr | +0.35 | +1.43 | +0.04 | $2.02m | $60.1k |
| 5 yr | +1.82 | +2.33 | +0.08 | $3.28m | $112.8k |
| 10 yr | +2.60 | +0.93 | +0.05 | $1.31m | $69.5k |
| 30 yr | +0.32 | +0.03 | +0.02 | $47.5k | $26.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 5.25% | $739.17M | — |
| — | LOWER ALA GAS DIST GAS PROJ REV5.00% · due 2033-12-01 | 0.56% | $79.55M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% · due 2030-10-01 | 0.56% | $79.11M | — |
| — | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV5.00% · due 2031-02-01 | 0.48% | $67.80M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% floating · due 2055-12-01 | 0.45% | $63.46M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.25% floating · due 2055-03-01 | 0.40% | $56.83M | — |
| — | TENNESSEE ENGY ACQ CRP GAS REV5.00% · due 2035-12-01 | 0.39% | $55.59M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% floating · due 2055-10-01 | 0.38% | $53.97M | — |
| — | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV5.00% floating · due 2055-12-01 | 0.37% | $51.74M | — |
| — | MAIN STR NAT GAS INC GA GAS SUPPLY REV5.00% floating · due 2055-06-01 | 0.36% | $51.01M | — |
Top 10 positions are 9.21% of net assets, top 25 13.98%, across 743 issuers.
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