Fund Evaluator:
Fidelity Ohio Municipal Income (FOHFX)
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Best Performing in Muni Ohio Over the Last Year
| 6.7% | Vanguard OH Long-Term Tax-Exempt (VOHIX) |
| 5.2% | Fidelity Ohio Municipal Income (FOHFX) |
Fund Details
Fidelity Ohio Municipal Income Overview
Fidelity Ohio Municipal Income (FOHFX) is an actively managed Municipal Bond Muni Ohio fund. Fidelity Investments launched the fund in 1985.
The investment seeks a high level of current income exempt from federal income tax and Ohio personal income tax. The fund normally invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal and Ohio personal income taxes. It invests more than 25% of total assets in municipal securities that finance similar types of projects. The fund allocates assets across different market sectors and maturities.
About Fidelity Ohio Municipal Income (FOHFX)
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 OH Enhanced Muni Linked TR USD index with a weighting of 100%. Fidelity Ohio Municipal Income has 340 securities in its portfolio. The top 10 holdings constitute 19.2% 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 Ohio Municipal Income is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity Ohio Municipal Income has 2.7% 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% (95.4% domestic bond, 2.7% foreign bond and 0.0% convertible bond). Fidelity Ohio Municipal Income has 1.9% of the portfolio in cash.
Assets Under Management
The fund has $508 million in total assets, which is above the $223 million average for the Muni Ohio 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.
FOHFX 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 Ohio Municipal Income expense ratio is average compared to funds in the Muni Ohio category. Fidelity Ohio Municipal Income has an expense ratio of 0.46%, which is 40% 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 Ohio Municipal Income has a portfolio turnover rate of 27%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 22% for the Muni Ohio category.
Recently, in the month of July 2026, Fidelity Ohio Municipal Income returned -1.9%, which earned it a grade of F, as the Muni Ohio category had an average return of -1.8%. 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 Ohio Municipal Income has a trailing yield of 2.89%, which is below the 3.40% category average. The fund normally distributes its income monthly and its capital gains semi-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 Ohio Municipal Income Grades
Year to date, the fund has returned 0.2%, 0.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.2% over the past year (grade of F), 3.3% over the past three years (grade of A) and 0.5% per year over the past five years (grade of A) and 1.7% per year over the past 10 years (grade of A).
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FOHFX 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 |
|
| FOHFX Return (NAV) | -1.9% | -0.6% | 5.2% | 3.3% | 0.5% | 1.7% |
| FOHFX Grade | F | F | F | A | A | A |
| +/- Category | -0.1% | -0.1% | -0.5% | 0.6% | 0.5% | 0.3% |
| Muni Ohio Avg | -1.8% | -0.5% | 5.7% | 2.7% | 0.0% | 1.4% |
| FOHFX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
FOHFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FOHFX Return (NAV) | 0.2% | 4.6% | 2.0% | 5.4% | -8.6% | 1.5% | 4.3% | 7.1% | 0.4% | 6.0% | 0.2% |
| FOHFX Grade | F | A | B | C | C | B | F | A | F | A | D |
| +/- Category | -0.3% | 1.3% | 0.7% | -0.0% | 0.7% | 0.4% | -0.6% | 0.3% | -0.3% | 1.5% | -0.3% |
| Muni Ohio Avg | 0.4% | 3.3% | 1.3% | 5.5% | -9.3% | 1.2% | 4.9% | 6.7% | 0.7% | 4.6% | 0.5% |
| Risk Measures | |
| Standard Deviation: | 5.3% |
| Total Risk Index: | 0.43 - Low |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.93 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $508 Mil |
| Fund Total Assets: | $ 509 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 27% |
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: | 340 |
| % in Top 10 Holdings: | 19.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.4% |
| Foreign Bond: | 2.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | November 15, 1985 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.46% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.77% |
| Share Class: | Fidelity Ohio Municipal Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
