Fidelity Limited Term Municipal Income Fund
Fidelity Municipal Trust · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Limited Term Municipal Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
Fidelity Limited Term Municipal Income Fund seeks as high a level of current income, exempt from federal income tax, as is consistent with preservation of capital.
The fund invests at least 80% of assets in investment-grade municipal securities with maturities normally between two and five years, managing interest rate risk to align with a supplemental index while selecting securities based on credit quality, valuation, and trading opportunities across market sectors. Because security selection depends on the adviser's analysis rather than index replication, fund holdings and performance may diverge from the supplemental index.
| Share class | Gross | Net |
|---|---|---|
| FSTFX | 0.30% | — |
| FASHX | 0.63% | 0.55% |
| FCSHX | 1.26% | 1.26% |
| FTSHX | 0.59% | 0.55% |
| FISHX | 0.38% | 0.30% |
| FIWAX | 0.25% | 0.25% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 22.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 97.84% |
| Cash & short-term | 2.33% |
Latest quarter
What changed since the fund's previous filing
Largest new: BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV ×2, MET GOVT NASHVILLE and DAVIDSON CNTY TENN H and E FACS BRD REV, CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV, MAIN STREET ENERGY INC, PHILADELPHIA PA SCH DIST ×2, ENERGY SOUTHEAST ALA COOP DISTENERGY SUPPLY REV
Largest exited: WHITING IND ENVIRONMENTAL FACS, NEW YORK ST DORM AUTH SALES TAX REV ST SUPPORTED, PENNSYLVANIA ECON DEV SLD WST, NY PAYROLL MOBILITY TX, NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV, MARICOPA CNTY AZ IDA REV, MARYLAND ST TA PSNGR FAC CHRG, MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.41% | +10.61% | +6.76% | 1.86% | -1.43% | |
| +4.14% | -40.57% | -70.79% | 1.87% | -42.93% | |
| +3.42% | -13.81% | -35.84% | 1.87% | -16.66% | |
| +4.14% | -40.56% | -70.75% | 1.85% | -42.92% | |
| +4.40% | +10.60% | +6.87% | 1.87% | -1.32% | |
| +4.38% | +10.78% | +7.14% | 1.85% | -1.30% |
These classes hold the same portfolio, so the 77.93pp spread over 5 years is the cost difference between them — roughly 15.59pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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 | 69.7% |
| Floating rate | 30.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.7% |
| 1-3y | 19.3% |
| 3-5y | 20.5% |
| 5-10y | 18.8% |
| 10y+ | 30.8% |
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 2026Q2
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 | 52% |
| Interest rates | 48% |
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 | +2.85 yr |
| High yield | +0.12 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 | 0.04 yr | 1% |
| 1 yr | 0.70 yr | 25% |
| 5 yr | 1.66 yr | 60% |
| 10 yr | 0.38 yr | 14% |
| 30 yr | 0.01 yr | 0% |
| 3 mo | 0.22 yr | 7% |
| 1 yr | 0.98 yr | 33% |
| 5 yr | 1.53 yr | 51% |
| 10 yr | 0.24 yr | 8% |
| 30 yr | 0.01 yr | 0% |
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 | +0.04 | +0.21 | +0.01 | $63.4k | $1.7k |
| 1 yr | +0.70 | +0.95 | +0.03 | $283.4k | $10.3k |
| 5 yr | +1.66 | +1.47 | +0.06 | $439.3k | $18.9k |
| 10 yr | +0.38 | +0.22 | +0.01 | $66.8k | $3.9k |
| 30 yr | +0.01 | +0.01 | +0.00 | $2.0k | $371 |
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 | 2.33% | $69.89M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% · due 2030-10-01 | 1.31% | $39.39M | — |
| — | WISCONSIN ST HEALTH and EDL FACSAUTH REV5.00% · due 2032-10-01 | 0.90% | $26.99M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2033-10-01 | 0.84% | $25.33M | — |
| — | MET GOVT NASHVILLE and DAVIDSON CNTY TENN H and E FACS BRD REV5.00% · due 2032-07-01 | 0.73% | $22.01M | — |
| — | WASHINGTON ST HEALTH CARE FACS AUTH REV5.00% · due 2035-10-01 | 0.73% | $21.86M | — |
| — | METROPOLITAN WASH DC ARPTS ATH5.00% · due 2028-10-01 | 0.71% | $21.45M | — |
| — | CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV2.85% floating · due 2045-10-01 | 0.71% | $21.25M | — |
| — | MAIN STREET ENERGY INC5.00% · due 2033-10-01 | 0.71% | $21.15M | — |
| — | NEW YORK CITY GO5.00% · due 2028-08-01 | 0.66% | $19.70M | — |
Top 10 positions are 9.64% of net assets, top 25 17.67%, across 411 issuers.
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