Fidelity Municipal Income Fund
Fidelity Municipal Trust · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity 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
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
Fidelity Municipal Income Fund seeks to provide a high current yield exempt from federal income tax.
The fund invests at least 80% of assets in investment-grade municipal securities exempt from federal income tax, selecting securities by analyzing credit quality, valuation, and trading opportunities while managing overall interest rate risk to align with a supplemental index. The fund allocates across market sectors and maturities and may concentrate more than 25% of assets in securities financing similar project types. Because security selection depends on the adviser's credit analysis and valuation judgments, fund holdings and performance may diverge from the index.
| Share class | Expense ratio |
|---|---|
| FHIGX | 0.43% |
| FHUGX | 0.75% |
| FLUVX | 0.75% |
| FKISX | 1.50% |
| FROGX | 0.50% |
| FIWEX | 0.40% |
Portfolio turnover 20.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.14% |
| Cash & short-term | 2.97% |
Latest quarter
What changed since the fund's previous filing
Largest new: SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE ×4, BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV ×2, ORANGE CNTY FL SCH BRD CTF PAR, MAIN STREET ENERGY INC
Largest exited: CONNECTICUT ST SPL TAX OBLIG, WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY, NEW JERSEY ST TRANSN TR FD AUT, SALT LAKE CITY UT ARPT REV, LOVE FIELD TX ARPT MOD REV, PORT SEATTLE WA REV, PHILADELPHIA PA AIRPORT REV, UNIVERSITY HOUSTON TX UNIV 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 |
|---|---|---|---|---|---|
| +6.46% | +11.15% | +4.49% | 4.30% | -5.41% | |
| +6.11% | -55.15% | -84.27% | 4.29% | -57.85% | |
| +6.11% | -55.17% | -84.26% | 4.29% | -57.87% | |
| +5.32% | -13.61% | -37.34% | 4.32% | -18.24% | |
| +6.36% | +11.01% | +4.27% | 4.29% | -5.50% | |
| +6.49% | +11.29% | +4.79% | 4.28% | -5.48% |
These classes hold the same portfolio, so the 89.05pp spread over 5 years is the cost difference between them — roughly 17.81pp 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 | 90.9% |
| Floating rate | 9.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 3.9% |
| 3-5y | 5.6% |
| 5-10y | 24.8% |
| 10y+ | 65.1% |
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 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 | 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 | +7.07 yr |
| High yield | +0.46 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 | 0.01 yr | 0% |
| 1 yr | 0.24 yr | 3% |
| 5 yr | 1.47 yr | 20% |
| 10 yr | 3.80 yr | 52% |
| 30 yr | 1.84 yr | 25% |
| 3 mo | 0.54 yr | 7% |
| 1 yr | 1.72 yr | 23% |
| 5 yr | 2.84 yr | 38% |
| 10 yr | 2.04 yr | 27% |
| 30 yr | 0.39 yr | 5% |
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 | +0.01 | +0.51 | +0.03 | $281.2k | $17.7k |
| 1 yr | +0.24 | +1.62 | +0.10 | $896.3k | $55.4k |
| 5 yr | +1.47 | +2.67 | +0.17 | $1.48m | $96.4k |
| 10 yr | +3.80 | +1.93 | +0.11 | $1.07m | $63.0k |
| 30 yr | +1.84 | +0.35 | +0.04 | $192.6k | $21.5k |
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 | 2.97% | $165.01M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% · due 2030-10-01 | 1.18% | $65.66M | — |
| — | SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE5.25% · due 2042-05-01 | 1.03% | $57.27M | — |
| — | SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE5.25% · due 2045-05-01 | 0.94% | $52.07M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2034-12-01 | 0.84% | $46.51M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2036-11-01 | 0.81% | $44.89M | — |
| — | SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE0.05% · due 2044-05-01 | 0.80% | $44.17M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2033-10-01 | 0.74% | $40.89M | — |
| — | ORANGE CNTY FL SCH BRD CTF PAR5.00% · due 2034-08-01 | 0.72% | $39.89M | — |
| — | NEW YORK NY CTY MUN WTR FIN AU5.50% · due 2056-06-15 | 0.72% | $39.80M | — |
Top 10 positions are 10.74% of net assets, top 25 19.40%, across 472 issuers.
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