Fidelity Intermediate Municipal Income Fund
FLTMX
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- Fidelity Intermediate Municipal Income Fund (FLTMX) is an open-end mutual fund managed by Fidelity Investments that seeks a high level of current income exempt from federal income tax while preserving capital. The fund normally invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax; maintains a dollar-weighted average maturity between three and 10 years; and may invest more than 25% of assets in municipal securities financing similar projects, such as hospitals, utilities, or transportation. It engages in transactions with leveraging effects, allocates across market sectors and maturities, and holds diversified U.S. municipal bonds including top issuers like California Health Facilities Financing Authority revenue bonds, Southeast Energy Authority cooperative district bonds, and Main Street Natural Gas Inc. gas supply revenue bonds. Established on April 15, 1977, with headquarters in Boston, Massachusetts as part of Fidelity Investments, the fund operates primarily in the U.S. municipal bond market, targeting intermediate-term, tax-exempt fixed income for individual and institutional investors seeking tax-advantaged income. Assets under management stand at approximately $12.74 billion, with a net expense ratio of 0.37%, and it benchmarks against the Bloomberg Municipal Bond Total Return Index. The fund is available for sale in the United States with no front-end or deferred loads and a minimum initial investment of zero. Current portfolio managers include Cormac Cullen (since May 2, 2016), Elizah McLaughlin (since September 11, 2018), and Michael Maka (since March 1, 2020), following prior management transitions including the retirement of a veteran manager noted in recent coverage. The fund has maintained stable operations with no major mergers, acquisitions, partnerships, or strategic shifts reported in the last 1-2 years; instead, it continues to navigate market conditions such as heavy new-issue municipal supply in 2024-2025, which pressured yields, while delivering performance with a 1-year return of about 3.55% and positioning for intermediate municipal national category peers.