FSMNX Performance — Fidelity SAI Municipal Income Fund
Data updated: 2026-08-24
FSMNX returned +2.21% year to date and +6.91% over one year to Jun 2026. Annualised returns are +4.08% over 3 years and +1.05% over 5 years. Against its Long-Term Municipal Bond category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $113, against $112 for the category, and to $107 over one year, against $108. Volatility over the past three years was 5.78% a year. In the 12 months to Jun 2026 the fund took in a net $801.1M, and assets reached $3.62B.
FSMNX Growth of $100
What $100 invested in Fidelity SAI Municipal Income Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | FSMNX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $107 | $108 |
| 3 years (Jul 2023 – Jun 2026) | $113 | $112 |
| 5 years (Jul 2021 – Jun 2026) | $105 | $103 |
| Since data start (Jul 2019 – Jun 2026) | $115 | $113 |
FSMNX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.21% |
| 1 year | +6.91% |
| 3 years (annualised) | +4.08% |
| 5 years (annualised) | +1.05% |
FSMNX Annual Returns
Calendar-year total returns of Fidelity SAI Municipal Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +2.21% |
| 2025 | +4.15% |
| 2024 | +1.81% |
| 2023 | +7.56% |
| 2022 | −9.93% |
| 2021 | +2.35% |
| 2020 | +4.28% |
| 2019 (Jul–Dec) | +2.35% |
FSMNX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.9% | +1.4% | −2.4% | +1.1% | +0.5% | +0.8% | — | — | — | — | — | — |
| 2025 | +0.4% | +1.1% | −1.8% | −0.5% | −0.2% | +0.8% | −0.2% | +0.8% | +2.5% | +1.1% | +0.3% | +0.1% |
| 2024 | −0.2% | +0.1% | 0.0% | −1.1% | −0.2% | +1.8% | +0.9% | +0.8% | +1.2% | −1.6% | +1.7% | −1.3% |
| 2023 | +3.5% | −2.4% | +2.1% | +0.1% | −0.9% | +1.0% | +0.3% | −1.2% | −3.0% | −1.3% | +6.5% | +2.9% |
| 2022 | −3.0% | −0.7% | −3.3% | −3.0% | +1.4% | −1.9% | +2.9% | −2.5% | −3.8% | −1.2% | +5.4% | −0.2% |
| 2021 | +0.9% | −1.7% | +0.7% | +1.1% | +0.5% | +0.4% | +0.8% | −0.4% | −0.9% | −0.2% | +1.0% | +0.1% |
| 2020 | +2.1% | +1.6% | −5.6% | −2.7% | +3.2% | +1.7% | +2.0% | −0.3% | −0.1% | −0.2% | +1.6% | +1.0% |
| 2019 | — | — | — | — | — | — | +0.8% | +1.8% | −0.8% | +0.1% | +0.2% | +0.3% |
FSMNX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 5.78%
- 3-year Sharpe ratio: -0.07 (vs 4.5% risk-free rate)
- Best month: +6.51% (Nov 2023)
- Worst month: −2.96% (Sep 2023)
FSMNX Fund Flows
Monthly money in and out of Fidelity SAI Municipal Income Fund, from SEC Form N-PORT.
- 12-month net flow: $801.1M
- 12-month gross sales (incl. reinvestments): $1.4B
- Sales ÷ redemptions: 2.26×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $173.9M | $60.3M | $113.7M |
| May 2026 | $55.1M | $53.4M | $1.7M |
| Apr 2026 | $43.3M | $72.8M | −$29.5M |
| Mar 2026 | $305.8M | $81.4M | $224.4M |
| Feb 2026 | $7.7M | $40.5M | −$32.9M |
| Jan 2026 | $104.8M | $45.2M | $59.6M |
| Dec 2025 | $288.2M | $40.1M | $248.1M |
| Nov 2025 | $4.7M | $39.3M | −$34.7M |
| Oct 2025 | $30.2M | $51.2M | −$21.0M |
| Sep 2025 | $120.0M | $41.1M | $79.0M |
| Aug 2025 | $266.2M | $41.7M | $224.5M |
| Jul 2025 | $38.2M | $70.0M | −$31.8M |
FSMNX Assets Under Management
Net assets of Fidelity SAI Municipal Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $3.62B |
| 2026-03-31 | $3.48B |
| 2025-12-31 | $3.26B |
| 2025-09-30 | $3.05B |
| 2025-06-30 | $2.71B |
| 2025-03-31 | $2.28B |
| 2024-12-31 | $2.25B |
| 2024-09-30 | $2.07B |
| 2024-06-30 | $2.10B |
| 2024-03-31 | $1.94B |
| 2023-12-31 | $1.92B |
| 2023-09-30 | $1.44B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.