Fidelity Municipal Trust II - Fidelity Michigan Municipal Money Market Fund
FMIXX
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- Fidelity Michigan Municipal Money Market Portfolio (FMIXX) is a money market mutual fund managed by Fidelity Investments that seeks as high a level of current income that is exempt from federal income tax and Michigan personal income tax as is consistent with the preservation of capital and liquidity. The Portfolio invests primarily in short-term obligations issued by or on behalf of the State of Michigan, local governments within Michigan, and U.S. territories; these include municipal notes, variable rate demand notes, municipal commercial paper, short-term municipal bonds, and pre-refunded municipal bonds maturing or deemed to mature in 397 days or less, with a dollar-weighted average maturity of 60 days or less and an average life of 120 days or less. It maintains a stable net asset value of $1.00 per share and serves individual and institutional investors seeking tax-exempt cash management in Michigan, with operations focused on the United States and assets under management around $1 million as of recent data. Part of Fidelity Municipal Trust II, the Portfolio was established prior to 2000 under Fidelity Investments, headquartered in Boston, Massachusetts, and falls within the municipal money market fund segment of the asset management industry. Fidelity Investments oversees a broad range of similar tax-exempt funds, including national and state-specific municipal money market and income portfolios targeting high-net-worth individuals, retirement accounts, and tax-sensitive investors in the fixed income space. In recent developments, the fund navigated market pressures from heavy municipal new-issue supply in 2024 and 2025, which exceeded prior records and contributed to upward yield movements, particularly in longer-term issues amid U.S. fiscal and monetary policy shifts. Fidelity's broader municipal offerings, including related Michigan-focused strategies, emphasized resilience through higher-quality issuers and enhanced liquidity positions during the first half of 2025, with no specific mergers, acquisitions, or liquidations reported for FMIXX itself amid an industry trend of consolidating state-specific money market funds from 245 to 150 over five years. The Portfolio maintained its core strategy without major reorganizations, benefiting from Fidelity's Q2 2025 expansion in fixed income ETFs and tax-advantaged products while upholding tax-exempt status amid Federal Reserve rate cut expectations.