Fund Evaluator:
Fidelity Advisor Municipal Income A (FHUGX)
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Best Performing in Muni National Long Over the Last Year
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Fund Details
Fidelity Advisor Municipal Income A Overview
Fidelity Advisor Municipal Income A (FHUGX) is an actively managed Municipal Bond Muni National Long fund. Fidelity Investments launched the fund in 2018.
The investment seeks to provide a high current yield exempt from federal income tax. The fund normally invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax. It allocates assets across different market sectors and maturities. Potentially the fund invests more than 25% of total assets in municipal securities that finance similar types of projects.
About Fidelity Advisor Municipal Income A (FHUGX)
There are 3 members of the management team with an average tenure of 8.19 years: Cormac Cullen (2016), Elizah McLaughlin (2018), Michael Maka (2020). 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 3 Yr 2-4 TR USD index with a weighting of 100%. Fidelity Advisor Municipal Income A has 1382 securities in its portfolio. The top 10 holdings constitute 10.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Advisor Municipal Income A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity Advisor Municipal Income A has 1.0% 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 98.1% (97.1% domestic bond, 1.0% foreign bond and 0.0% convertible bond). Fidelity Advisor Municipal Income A has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $271 million in total assets, which is below the $1 billion average for the Muni National Long 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.
FHUGX 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 Advisor Municipal Income A expense ratio is above average compared to funds in the Muni National Long category. Fidelity Advisor Municipal Income A has an expense ratio of 0.75%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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 Advisor Municipal Income A has a portfolio turnover rate of 20%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Long category.
Recently, in the month of July 2026, Fidelity Advisor Municipal Income A returned -1.9%, which earned it a grade of D, as the Muni National Long category had an average return of -1.9%. 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 Advisor Municipal Income A has a trailing yield of 2.84%, which is below the 3.72% category average. The fund normally distributes its income monthly.
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 Advisor Municipal Income A Grades
Year to date, the fund has returned 0.0%, 0.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.0% over the past year (grade of F), 2.9% over the past three years (grade of D) and 0.0% per year over the past five years (grade of C) and 1.7% per year over the past 10 years (grade of D).
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FHUGX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FHUGX Return (NAV) | -1.9% | -0.7% | 5.0% | 2.9% | 0.0% | 1.7% |
| FHUGX Grade | D | F | F | D | C | D |
| +/- Category | -0.1% | -0.4% | -1.3% | -0.3% | 0.0% | -0.1% |
| Muni National Long Avg | -1.9% | -0.3% | 6.3% | 3.2% | 0.0% | 1.8% |
| FHUGX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FHUGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FHUGX Return (NAV) | 0.0% | 4.0% | 1.3% | 6.8% | -10.5% | 2.5% | 4.3% | 8.1% | 0.5% | 6.3% | -0.3% |
| FHUGX Grade | F | A | F | C | B | C | D | C | D | B | D |
| +/- Category | -0.8% | 1.0% | -1.1% | -0.1% | 1.1% | -0.3% | -0.5% | -0.0% | -0.2% | 0.5% | -0.5% |
| Muni National Long Avg | 0.9% | 3.0% | 2.5% | 6.8% | -11.6% | 2.8% | 4.7% | 8.1% | 0.7% | 5.8% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (33% Rank) |
| Beta: | 1.04 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $5443 Mil |
| Fund Total Assets: | $ 272 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Cullen Cormac (2016), McLaughlin Elizah (2018), Maka Michael (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1382 |
| % in Top 10 Holdings: | 10.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.1% |
| Foreign Bond: | 1.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | March 1, 2018 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Fidelity Municipal Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
