Fidelity® Intermediate Municipal Income Fund

Scorecard
2 / 5 Stars
Lipper
2 2 4 3 3
Zacks Investment Research
2 (Buy)
Standard & Poor's
3 / 5 Stars
TheStreet.com
B- (Buy)

#46 in Muni National Interm

U.S. News evaluated 82 Muni National Interm Funds. Our list highlights the top-rated funds for long-term investors based on the ratings of leading fund industry researchers.

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Performance

The fund has returned 0.07 percent over the past year, 4.06 percent over the past three years, and 4.17 percent over the past five years.

Trailing Returns Updated 02.28.2014
Year to date 2.4%
1 Year 0.1%
3 Years (Annualized) 4.1%
5 Years (Annualized) 4.2%
10 Years (Annualized) 3.5%

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Summary

Fidelity Advisor Intermediate Municipal Income's consistency is a virtue, but the fund has nonetheless been lagging behind its peers. 

As of March 05, 2014, the fund has assets totaling almost $4.64 billion invested in 1,002 different holdings. Its portfolio consists of municipal bonds.

The municipal bond universe is quite broad, and this fund captures almost every corner of it. The fund has exposure to revenue, utility, education, transportation, general obligation, and transportation bonds, among a number of other categories. One of the only things this fund doesn't own a decent amount of is low-quality fare. The fund's average credit quality is AA, and as of the end of the first quarter, roughly 90 percent of its bonds were rated A or better. 

Lately, this fund hasn't been putting together any earth-shattering numbers, but its consistency and caution have been a virtue. Notably, in 2008, when many of its peers were in the red, this fund eked out a positive return. But even though the ride has been smooth for investors in this fund, its rivals, while perhaps a bit more erratic, have left this one behind. As of the end of May, its trailing one- and three-year returns landed it in the bottom half of its Morningstar category. The fund has returned 0.07 percent over the past year, 4.06 percent over the past three years, and 4.17 percent over the past five years.

Investment Strategy

The fund invests in a broad range of municipal bonds. In general, management focuses on higher-quality fare.

Role in Portfolio

Morningstar calls the fund a "core" holding. 

Management

Morningstar calls the fund a "core" holding. 

Fees

Fidelity® Intermediate Municipal Income Fund has an expense ratio of 0.65 percent.

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Risk

Muni investors have been on a tricky ride during the past few years.

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