Fidelity SAI Municipal Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fidelity SAI Municipal Income Fund held 1,779 positions with $3.62B in net assets. Its ten largest holdings made up 12.0% of the fund. The FSMNX share class costs 0.35% a year. Over the 12 months to May 2026, FSMNX returned 6.9%, with dividends reinvested. In 2026 Q2 it added 50 new positions and exited 67.
Fidelity SAI 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 across sectors and maturities to match the interest rate risk of a supplemental index while analyzing credit quality and valuation. Because security selection depends on the adviser's credit analysis and trading judgments rather than index replication, fund returns may diverge from the index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 3.87% | $140.08M | — |
SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE 0.05% · due 2041-05-01 | 1.24% | $44.85M | — |
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT 5.00% · due 2030-10-01 | 1.19% | $43.09M | — |
METRO NASHVLL ARPT TN 5.25% · due 2051-07-01 | 1.01% | $36.67M | — |
BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 5.00% · due 2034-12-01 | 0.90% | $32.57M | — |
BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 5.00% · due 2033-10-01 | 0.84% | $30.24M | — |
BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 5.00% · due 2036-11-01 | 0.79% | $28.70M | — |
NEW JERSEY ST TRANSN TR FD AUT 5.25% · due 2050-06-15 | 0.73% | $26.49M | — |
METROPOLITAN TRANSN AUTH NY RV 5.00% · due 2033-11-15 | 0.72% | $25.94M | — |
MAIN STREET ENERGY INC 5.00% · due 2033-10-01 | 0.68% | $24.64M | — |
The 200 largest of 1,779 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 96.75% |
| Cash & short-term | 3.87% |
How it has done
FSMNX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.00%. Past returns are a record, not a forecast.
Jun 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.
Fees & fund details
Fidelity SAI 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
- Expense ratio, by class
- 0.35%· FSMNX 0.35%
- Portfolio turnover
- 16.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
50 new· the largest 5
67 exited· the largest 8
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 | 88.2% |
| Floating rate | 11.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 2.6% |
| 3-5y | 7.2% |
| 5-10y | 20.5% |
| 10y+ | 68.5% |
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 | +7.06 yr |
| High yield | +0.41 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 | 0.25 yr | 3% |
| 5 yr | 1.54 yr | 21% |
| 10 yr | 3.74 yr | 51% |
| 30 yr | 1.74 yr | 24% |
| 3 mo | 0.51 yr | 7% |
| 1 yr | 1.72 yr | 23% |
| 5 yr | 2.96 yr | 40% |
| 10 yr | 1.95 yr | 26% |
| 30 yr | 0.34 yr | 4% |
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 | +0.49 | +0.03 | $176.5k | $9.7k |
| 1 yr | +0.25 | +1.63 | +0.08 | $590.6k | $30.1k |
| 5 yr | +1.54 | +2.81 | +0.14 | $1.02m | $52.1k |
| 10 yr | +3.74 | +1.83 | +0.12 | $660.8k | $42.9k |
| 30 yr | +1.74 | +0.30 | +0.03 | $108.7k | $12.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FSMNX, QQQ and the fund in my 401(k)?”
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