Fidelity Michigan Municipal Income Fund
FMHTX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 245 Summer Street Boston MA United States of America 02210
- IPO Date
- Nov 12, 1985
- CIK
- 0000035373
- Website
- fundresearch.fidelity.com
- Similar Companies
- Business
- Fidelity Michigan Municipal Income Fund (FMHTX) is an open-end mutual fund that seeks a high level of current income that is exempt from federal and Michigan personal income taxes by investing primarily in investment-grade municipal securities issued by or on behalf of the State of Michigan and its political subdivisions, agencies, and instrumentalities; Michigan general obligation bonds, revenue bonds, notes, and certificates of participation; and up to 20% in lower-rated or unrated municipal securities or other debt obligations. The fund's portfolio consists predominantly of U.S. municipal tax-exempt bonds (approximately 96%), cash and equivalents (3%), and a small allocation to non-U.S. bonds (1.5%), with top holdings including Michigan Finance Authority Revenue bonds at various yields, Michigan State Strategic Fund Limited Obligation Revenue bonds, Michigan State Building Authority Revenue bonds, and Fidelity Municipal Cash Central; the top five holdings represent about 10% of the portfolio, emphasizing diversification across Michigan-focused issuers. Managed by Fidelity Investments since its inception on November 12, 1985, with a net expense ratio of 0.46% and total net assets of approximately $458 million as of recent data, the fund operates from Fidelity's headquarters in Boston, Massachusetts, and targets Michigan residents seeking tax-advantaged fixed income exposure in the municipal single-state long category. In recent developments, the fund maintained stable management with portfolio managers including Cormac Cullen (since May 2016), Elizah McLaughlin (since September 2018), and Michael Maka (since March 2020), amid broader Fidelity municipal market commentary noting accelerated municipal issuance in 2025 exceeding 2024 records, resilient Michigan state revenue collections 2.3% above budget, and a downward FY26 revenue forecast revision by $561 million due to economic uncertainty; no fund-specific mergers, acquisitions, or structural changes were reported in 2024-2025.