Fidelity Conservative Income Municipal Bond Fund
FCRDX
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- Fidelity Conservative Income Municipal Bond Fund (FCRDX) is an open-end mutual fund managed by Fidelity Investments that seeks a high level of current income exempt from federal income tax, consistent with the preservation of capital. The fund normally invests at least 80% of its assets in U.S. dollar-denominated municipal money market securities and high-quality investment-grade municipal debt securities whose interest is exempt from federal income tax; up to 10% of assets may be allocated to lower-quality investment-grade securities; it maintains a dollar-weighted average maturity of one year or less and invests in securities with a maximum maturity of four years. Portfolio allocations span sectors including corporate-backed (29%), lease/other (22%), local obligations (15%), transportation (8%), housing (7%), and health care (6%); top state exposures include Texas (13%), California (11%), New York (11%), and Florida (9%); credit quality emphasizes A-rated (42%), AA-rated (36%), and BBB-rated (8%) securities. Launched on October 15, 2013, with headquarters in Smithfield, Rhode Island, the fund operates primarily in the U.S. municipal bond market, targeting individual and institutional investors seeking tax-efficient, ultra-short duration income solutions. It is not a money market fund, features a fluctuating net asset value, and benchmarks performance against the Bloomberg Municipal Bond 1 Year (1-2Y) Index and a blended iMoneyNet Tax-Free National Retail average. As of June 30, 2025, portfolio assets approximate $1.67 billion, with a net expense ratio of 0.25%, turnover of 73%, and a 30-day SEC yield of 2.93%. Current portfolio managers include Elizah McLaughlin (since March 2017), Michael Maka (since October 2021), Ryan Brogan (since October 2021), and Cormac Cullen (since October 2021), reflecting management team stabilization following prior changes such as the departure of Robert Mandeville and Doug McGinley on January 3, 2022. The fund continues to emphasize bottom-up research, risk constraints limiting interest rate and credit exposure, and sector diversification to pursue competitive risk-adjusted returns amid municipal market volatility. No recent partnerships, acquisitions, funding rounds, or major strategic shifts have been reported in the last 1-2 years.