Fidelity SAI Municipal Income Fund
FSMNX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Boston, MA 02109 Boston MA United States of America 02210
- IPO Date
- Oct 29, 2018
- CIK
- 0000035315
- Website
- fidelity.com
- Similar Companies
- Business
- Fidelity SAI Municipal Income Fund (FSMNX) is an open-end mutual fund managed by Fidelity Investments that seeks to provide a high current yield exempt from federal income tax. The fund normally invests at least 80% of its assets in investment-grade municipal securities, including general obligation bonds of municipalities, local or state governments; project or revenue-specific bonds; pre-refunded or escrowed bonds; municipal money market securities; and synthetic securities issued by U.S. territories, possessions, and eligible non-profit organizations or for specific public projects or facilities. It maintains a portfolio primarily in U.S. municipal tax-exempt bonds (94.83%), with cash equivalents (5.99%) and minimal non-U.S. bonds (0.71%), targeting mid credit quality and extended interest-rate sensitivity within the Muni National Long category. As of late 2025, the fund holds total net assets of approximately $3.05 billion, a net expense ratio of 0.34%, and top holdings such as Metropolitan Transportation Authority NY Revenue bonds, New Jersey State Transportation Trust Fund Authority bonds, and Black Belt Energy Gas District Alabama Gas Project Revenue bonds. Launched on October 2, 2018, the fund is domiciled in the United States and available for sale primarily to U.S. investors through Fidelity's platforms, with no minimum initial investment and daily pricing. Portfolio managers include Cormac Cullen and Elizah McLaughlin since inception, joined by Michael Maka since March 2020. Headquartered in Boston, Massachusetts, as part of Fidelity's broader fixed income offerings, it operates without front-end or deferred loads and focuses on tax-exempt income for individual and institutional investors seeking municipal bond exposure. In a significant strategic development in April 2025, Fidelity Investments launched two new municipal bond ETFs—Fidelity Municipal Bond Opportunities ETF (FMUB) and Fidelity Systematic Municipal Bond Index ETF (FMUN)—managed by the same team overseeing FSMNX, including Cullen, Maka, and McLaughlin for FMUB, reflecting expanded offerings in the growing municipal ETF market amid rising fixed income ETF adoption. This conversion and launch initiative added roughly $229 million in assets to Fidelity's ETF lineup, underscoring a shift toward ETF structures while maintaining core municipal income strategies, with competitive expense ratios of 0.30% for FMUB and 0.05% for FMUN. The fund's prospectus and statement of additional information were updated as of March 1, 2025, incorporating these evolutions in Fidelity's municipal bond portfolio.