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Morningstar

Fidelity Michigan Municipal Income FMHTX

Morningstar Medalist Rating
Medalist Rating as of | See Fidelity Investment Hub
  • NAV / 1-Day Return 11.39  /  +0.01 %
  • Total Assets 468.4 Mil
  • Adj. Expense Ratio
    0.460%
  • Expense Ratio 0.460%
  • Distribution Fee Level Below Average
  • Share Class Type No Load
  • Category Muni Single State Long
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment —
  • Status Open
  • TTM Yield 2.52%
  • Effective Duration 6.20 years

USD | NAV as of Apr 24, 2024 | 1-Day Return as of Apr 24, 2024, 4:36 AM GMT+0

Morningstar’s Analysis FMHTX

Will FMHTX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FMHTX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FMHTX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of FMHTX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Strength in Fidelity Michigan Municipal Income's People Pillar is partially offset by an Average Process Pillar rating, leading to a Morningstar Medalist Rating of Neutral.

null Morningstar Manager Research

Morningstar Manager Research

Summary

The portfolio maintains a sizable cost advantage over competitors, priced within the lowest fee quintile among peers.

by Morningstar Manager Research
Rated on Published on

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Portfolio Holdings FMHTX

More FMHTX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 15.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

MICHIGAN FIN AUTH REV 5%

2.63 12.3 Mil
municipal

Fidelity Municipal Cash Central

2.11 9.9 Mil
Cash and Equivalents

MICHIGAN FIN AUTH REV 4%

1.67 7.8 Mil
municipal

MICHIGAN ST BLDG AUTH REV 3%

1.50 7.0 Mil
municipal

MICHIGAN ST STRATEGIC FD LTD OBLIG REV 3.875%

1.48 6.9 Mil
municipal

MICHIGAN ST HOSP FIN AUTH REV 5%

1.36 6.4 Mil
municipal

WAYNE CNTY MICH ARPT AUTH REV 5%

1.34 6.3 Mil
municipal

MICHIGAN FIN AUTH REV 4%

1.29 6.0 Mil
municipal

MICHIGAN ST STRATEGIC FD LTD OBLIG REV 1.8%

1.26 5.9 Mil
municipal

WAYNE CNTY MICH ARPT AUTH REV 5%

1.26 5.9 Mil
municipal