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Fidelity® Municipal Income Fund

  • Symbol: FHIGX
  • No Transaction Fee No Transaction Fee 1
  • Fidelity Fund Pick Fidelity Fund Pick

Average Annual Total Returns

 2, 3, 4 More Information
AS OF 2/28/2015; FUND INCEPTION 12/1/1977
1 Yr 3 Yr 5 Yr 10 Yr Life
Fidelity® Municipal Income Fund 7.97% 4.47% 5.52% 4.77% 6.54%
Barclays Muni 6.49% 3.73% 5.00% 4.75% --
Barclays 3+ 7.23% 4.08% 5.50% 5.05% --
Muni National Long 7.53% 4.01% 5.22% 4.21% --
Rank in Morningstar Category 44% 29% 36% 21% --
# of Funds in Morningstar Category 214 199 183 145 --


More Information
3/26/2015 2/28/2015
30-Day Yield 5 1.73% 1.61%

Tax Equivalent Yields

 6 More Information
AS OF 3/27/2015
Tax Rate 28% 33% 38.8% 43.4%
Yield 2.40% 2.58% 2.83% 3.06%

Hypothetical Growth of $10,000

 3, 7 More Information
AS OF 02/28/2015; MORNINGSTAR CATEGORY: Muni National Long
Fidelity® Municipal Income Fund
Muni National Long
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
This Fund 3.66% 4.78% 3.13% -4.61% 13.14% 2.58% 10.64% 7.92% -2.94% 10.59% 0.92%
Benchmark 3.51% 4.84% 3.36% -2.47% 12.91% 2.38% 10.70% 6.78% -2.55% 9.05% 0.72%
Benchmark-2 3.76% 5.05% 3.19% -3.48% 14.23% 2.49% 11.96% 7.52% -3.02% 10.15% 0.78%
Category 3.10% 4.57% 1.27% -9.45% 17.30% 1.65% 10.64% 8.87% -4.59% 10.58% 0.74%
+/- Benchmark 0.15% -0.06% -0.23% -2.14% 0.23% 0.20% -0.06% 1.14% -0.39% 1.54% 0.20%
+/- Benchmark-2 -0.10% -0.27% -0.06% -1.13% -1.09% 0.09% -1.32% 0.40% 0.08% 0.44% 0.14%
+/- Category 0.56% 0.21% 1.86% 4.84% -4.16% 0.93% 0.00% -0.95% 1.65% 0.01% 0.18%

Compare Chart| Fund Facts Search

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

 3, 4 More Information
AS OF 12/31/2014; FUND INCEPTION 12/1/1977 Glossary definition opens in new window.

0.47% AS OF 2/28/2015
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity® Municipal Income Fund 10.59% 5.02% 5.63% 4.74% 6.54%
Barclays Muni 9.05% 4.30% 5.16% 4.74% --
Barclays 3+ 10.15% 4.72% 5.68% 5.04% --
Muni National Long 10.58% 4.92% 5.32% 4.19% --
Glossary definition opens in new window.After Taxes on Distributions
Fidelity® Municipal Income Fund 10.59% 5.01% 5.62% 4.69% --
Muni National Long 8.92% 4.42% 5.05% 4.07% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity® Municipal Income Fund 7.65% 4.71% 5.25% 4.58% --
Muni National Long 6.62% 4.23% 4.79% 4.03% --

Cumulative Total Returns

 4 More Information
AS OF 2/28/2015
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Fidelity® Municipal Income Fund 1.25% 0.92% -1.12% 1.67% 2.86%
Fidelity® Municipal Income Fund  (Load Adjusted) -- -- -1.62% -- --
Barclays Muni -- 0.72% -1.03% 1.23% 2.20%
Barclays 3+ -- 0.78% -1.16% 1.36% 2.44%
Muni National Long -- 0.74% -1.06% 1.41% 2.53%
*AS OF 3/27/2015

Fund Risk and Return

More Information
AS OF 2/28/2015; MORNINGSTAR CATEGORY: Muni National Long
Risk of this Category Category Risk Rating:3, where 1 is Lower and 10 is Higher


Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Leverage can increase market exposure and magnify investment risk. Income exempt from federal income tax may be subject to state or local tax. All or a portion of the fund's income may be subject to the federal alternative minimum tax. Income or fund distributions attributable to capital gains are usually subject to both state and federal income taxes.

Volatility Measures

More Information
Beta 1.09
AS OF 2/28/2015

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index.

R2 0.99
AS OF 2/28/2015

A measurement of how closely the portfolio's performance correlates with the performance of the fund's primary benchmark index or equivalent. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R2 value of less than 0.5 indicates that the Annualized Alpha and Beta are not reliable performance statistics.

Sharpe Ratio 1.08
AS OF 2/28/2015

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 4.09
AS OF 2/28/2015

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Volatility measures are based on the variability of historical returns of the portfolio. In the case of annuity funds, this is before the effect of annuity charges. Relative Volatility, Beta, and R2 compare a portfolio's total return to those of a relevant market, represented by the benchmark index. Standard Deviation is calculated independent of an index.

Historical Fund Performance

 4 More Information
Current year's data as of: 2/28/2015
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2015 0.92% -- $0.075090644 $5,833.03
2014 10.59% -- $0.476123314 $5,732.95
2013 -2.94% $0.018 $0.477840361 $5,331.07
2012 7.92% $0.0006 $0.479488983 $6,782.71
2011 10.64% $0.002 $0.514880081 $5,902.02
2010 2.58% $0.001 $0.51583847 $5,653.42
2009 13.14% $0.0004 $0.516583897 $5,626.43
2008 -4.61% $0.011 $0.513498955 $4,531.23
2007 3.13% $0.065 $0.513546401 $5,135.04
2006 4.78% $0.12 $0.527036159 $4,678.97

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Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Characteristics and Attribution

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2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

5. A standard yield calculation developed by the Securities and Exchange Commission for bond funds. The yield is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the 30-day period, after the deduction of the fund's expenses. It is sometimes referred to as "SEC 30-Day Yield" or "standardized yield".

6. The tax-equivalent yields (TEYs) estimate what you would have to earn on a taxable investment to equal the fund's tax-exempt yield for a given tax rate. TEYs are calculated by first dividing that portion of a fund's yield that is tax-exempt by one minus the specified federal tax rate, or if it is a state specific fund, by one minus the combined federal tax rate indicated and the state tax rate associated with the upper income limit of that federal tax bracket. Then, that amount is added to the portion, if any, of the fund's yield that is not tax-exempt. TEYs do not reflect tax credits, exemptions, limits on itemized deductions, or federal and/or state alternative minimum taxes. For state specific funds, TEYs also assume investors are state residents and take an itemized deduction for state income taxes on their federal tax returns. For NY funds, TEYs also reflect NYC income taxes and treat them the same as state taxes.

The two highest federal tax brackets include a Medicare surtax of 3.8% imposed by the Patient Protection and Affordable Care Act of 2010. Many, but not all taxpayers in the 33% bracket will also be affected. Consult a tax professional for further detail.

AMT Holdings reflects the percentage of the fund's holdings subject to the federal alternative minimum tax (AMT) as of the date indicated. It does not correspond precisely with the fund's income subject to the AMT because bonds whose income is subject to the AMT usually pay higher dividend income to compensate for the additional tax. As a result, the percentage of income subject to the AMT is usually higher than the AMT holdings shown. AMT holdings can vary significantly throughout the year and may not be representative of the average AMT holdings for the entire year.

7. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.

Morningstar Category: Muni National Long
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