Fidelity New Jersey Municipal Income Fund
FNJHX
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- Fidelity New Jersey Municipal Income Fund (FNJHX) is a mutual fund managed by Fidelity Investments that seeks a high level of current income exempt from federal income tax and New Jersey personal income tax. The fund normally invests at least 80% of assets in investment-grade municipal securities issued by or on behalf of the State of New Jersey or its authorities, agencies, instrumentalities, and municipalities; allocates assets across different sectors and maturities within the municipal bond market; and may invest more than 25% of total assets in municipal securities financing similar projects such as transportation, utilities, and general obligations. It allocates primarily to U.S. bonds (approximately 92%), cash equivalents (around 7%), and minimal non-U.S. bonds, with top holdings including New Jersey State Transportation Trust Fund Authority bonds and Fidelity Municipal Cash Central; the fund is non-diversified and categorized in the Muni New Jersey segment targeting tax-exempt income for individual and institutional investors. Launched on December 31, 1987, the fund is domiciled in the United States with portfolio assets of approximately $638 million as of late 2025 and headquartered within Fidelity Investments' operations in Boston, Massachusetts. Current portfolio managers include Cormac Cullen (since May 2016), Elizah McLaughlin (since September 2018), and Michael Maka (since March 2020), overseeing a net expense ratio of 0.45%. The fund emphasizes investment-grade credits while navigating municipal market dynamics, with no reported major acquisitions, funding rounds, partnerships, or strategic shifts in the last 1-2 years; ongoing portfolio management reflects standard adjustments amid 2025 muni bond volatility from tariffs and interest rates, as noted in Fidelity's Q2 2025 commentary for similar funds.