Fidelity SAI Municipal Income Fund (FSMNX)
The fund invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax. The advisor manages the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company (FMR)'s view of how the fund's competitive universe will perform over time. The fund potentially invests more than 25% of total assets in municipal securities that finance similar types of projects.
Fund Info
US31635V1585
31635V158
Oct 2, 2018
$0
Expense Ratio
FSMNX features an expense ratio of 0.36%, falling within the medium range.
Share Price Chart
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Fidelity SAI Municipal Income Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
Fidelity SAI Municipal Income Fund had a return of 0.38% year-to-date (YTD) and 2.75% in the last 12 months.
FSMNX
0.38%
0.89%
0.40%
2.75%
0.51%
N/A
^GSPC (Benchmark)
4.46%
2.46%
9.31%
23.49%
13.03%
11.31%
Monthly Returns
The table below presents the monthly returns of FSMNX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.38% | 0.38% | |||||||||||
| 2024 | 0.04% | 0.15% | -0.30% | -0.88% | -0.24% | 1.54% | 1.15% | 0.50% | 1.44% | -1.62% | 1.42% | -1.07% | 2.10% |
| 2023 | 3.74% | -2.41% | 2.12% | -0.10% | -0.62% | 0.98% | 0.26% | -1.17% | -3.22% | -1.07% | 6.51% | 2.67% | 7.53% |
| 2022 | -2.97% | -0.71% | -3.28% | -3.00% | 1.41% | -1.94% | 2.87% | -2.53% | -3.85% | -1.18% | 5.36% | -0.42% | -10.15% |
| 2021 | 0.93% | -1.66% | 0.64% | 1.09% | 0.53% | 0.43% | 0.79% | -0.40% | -0.86% | -0.22% | 0.97% | -0.03% | 2.21% |
| 2020 | 2.10% | 1.58% | -5.57% | -2.66% | 3.19% | 1.74% | 2.01% | -0.26% | -0.08% | -0.17% | 1.61% | 0.75% | 3.97% |
| 2019 | 0.75% | 0.61% | 1.80% | 0.53% | 1.68% | 0.52% | 0.80% | 1.82% | -0.79% | 0.05% | 0.20% | -0.32% | 7.88% |
| 2018 | 0.16% | 1.14% | 1.34% | 2.66% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of FSMNX is 36, indicating average performance compared to other mutual funds on our website. Here’s a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Fidelity SAI Municipal Income Fund (FSMNX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
Fidelity SAI Municipal Income Fund provided a 3.22% dividend yield over the last twelve months, with an annual payout of $0.32 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.32 | $0.32 | $0.30 | $0.22 | $0.21 | $0.27 | $0.30 | $0.07 |
Dividend yield | 3.22% | 3.23% | 2.99% | 2.31% | 1.91% | 2.45% | 2.77% | 0.64% |
Monthly Dividends
The table displays the monthly dividend distributions for Fidelity SAI Municipal Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | $0.03 | $0.00 | $0.03 | ||||||||||
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.32 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.30 |
| 2022 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.22 |
| 2021 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.21 |
| 2020 | $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.27 |
| 2019 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.02 | $0.03 | $0.30 |
| 2018 | $0.02 | $0.02 | $0.03 | $0.07 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Worst Drawdowns
The table below displays the maximum drawdowns of the Fidelity SAI Municipal Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Fidelity SAI Municipal Income Fund was 15.37%, occurring on Oct 25, 2022. The portfolio has not yet recovered.
The current Fidelity SAI Municipal Income Fund drawdown is 1.61%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -15.37% | Aug 4, 2021 | 310 | Oct 25, 2022 | — | — | — |
| -12.83% | Mar 10, 2020 | 9 | Mar 20, 2020 | 198 | Dec 31, 2020 | 207 |
| -2.37% | Feb 16, 2021 | 8 | Feb 25, 2021 | 65 | May 28, 2021 | 73 |
| -1.74% | Sep 5, 2019 | 9 | Sep 17, 2019 | 83 | Jan 15, 2020 | 92 |
| -0.55% | Jun 15, 2021 | 7 | Jun 23, 2021 | 9 | Jul 7, 2021 | 16 |
Volatility
Volatility Chart
The current Fidelity SAI Municipal Income Fund volatility is 1.06%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.