Fund Evaluator:

Fidelity SAI Sst Cnsv Inc Municipal Bond Overview

Fidelity SAI Sst Cnsv Inc Municipal Bond (FASYX) is an actively managed Municipal Bond Muni National Short fund. Fidelity Investments launched the fund in 2022.

The investment seeks to provide a high level of income, exempt from federal income tax, consistent with preservation of capital. The fund normally invests at least 80% of assets in U.S. dollar-denominated municipal money market securities and high quality investment-grade municipal debt securities (i) whose interest is exempt from federal income tax and (ii) that Fidelity Management & Research Company LLC (FMR) (the Adviser) believes have positive environmental, social and governance (ESG) benefits. The fund maintains a dollar-weighted average maturity of one year or less.

About Fidelity SAI Sst Cnsv Inc Municipal Bond (FASYX)

There are 4 members of the management team with an average tenure of 4.13 years: Cormac Cullen (2022), Elizah McLaughlin (2022), Michael Maka (2022), Ryan Brogan (2022). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1 Yr 1-2 TR USD index with a weighting of 100%. Fidelity SAI Sst Cnsv Inc Municipal Bond has 138 securities in its portfolio. The top 10 holdings constitute 27.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.

Fidelity SAI Sst Cnsv Inc Municipal Bond is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity SAI Sst Cnsv Inc Municipal Bond has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.9% (98.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity SAI Sst Cnsv Inc Municipal Bond has 1.1% of the portfolio in cash.

Assets Under Management

The fund has $27 million in total assets, which is below the $633 million average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FASYX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity SAI Sst Cnsv Inc Municipal Bond expense ratio is below average compared to funds in the Muni National Short category. Fidelity SAI Sst Cnsv Inc Municipal Bond has an expense ratio of 0.20%, which is 65% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity SAI Sst Cnsv Inc Municipal Bond has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.

Recently, in the month of July 2026, Fidelity SAI Sst Cnsv Inc Municipal Bond returned 0.0%, which earned it a grade of A, as the Muni National Short category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Fidelity SAI Sst Cnsv Inc Municipal Bond has a trailing yield of 2.80%, which is above the 2.78% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Fidelity SAI Sst Cnsv Inc Municipal Bond Grades

Year to date, the fund has returned 1.4%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 2.7% over the past year (grade of B) and 3.3% over the past three years (grade of C).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Fidelity SAI Sst Cnsv Inc Municipal Bond, including its riskiness, submit your email to unlock the rest of the article.