FMHTX

About FMHTX

Fidelity Michigan Municipal Income Fund is a mutual fund focused on generating a high level of current income while maintaining tax efficiency for investors. Its primary objective is to provide income that is exempt from both federal and Michigan personal income taxes by investing at least 80% of assets in investment-grade municipal bonds issued in Michigan. The fund is categorized as a "Muni Single State Long" fund, reflecting its emphasis on long-term municipal securities from a single state. Notably, more than a quarter of assets are allocated to projects with similar purposes, often supporting essential local infrastructure and public facilities. The portfolio typically holds around 295 securities and is actively managed, balancing sector and maturity allocation within its non-diversified mandate. With a competitive net expense ratio of 0.46% and a monthly distribution schedule, the fund is widely recognized for its cost efficiency and its role in helping Michigan-based investors seek regular income while minimizing state and federal tax liabilities. Its track record, experienced management, and focus on municipal finance make it a significant offering within the municipal bond fund space for Michigan residents.