Fund Evaluator:
Fidelity Flex Cnsrv Inc Muni Bd (FUEMX)
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Best Performing in Muni National Short Over the Last Year
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Fund Details
Fidelity Flex Cnsrv Inc Muni Bd Overview
Fidelity Flex Cnsrv Inc Muni Bd (FUEMX) is an actively managed Municipal Bond Muni National Short fund. Fidelity Investments launched the fund in 2017.
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 its assets in U.S. dollar-denominated municipal money market securities and high quality investment-grade municipal debt securities whose interest is exempt from federal income tax. The fund Normally invests in securities with a maximum maturity of four years.
About Fidelity Flex Cnsrv Inc Muni Bd (FUEMX)
There are 4 members of the management team with an average tenure of 5.83 years: Cormac Cullen (2021), Elizah McLaughlin (2017), Michael Maka (2021), Ryan Brogan (2021). 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 Flex Cnsrv Inc Muni Bd has 336 securities in its portfolio. The top 10 holdings constitute 22.8% 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 Flex Cnsrv Inc Muni Bd is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity Flex Cnsrv Inc Muni Bd 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 94.3% (94.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Flex Cnsrv Inc Muni Bd has 5.7% of the portfolio in cash.
Assets Under Management
The fund has $281 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.
FUEMX 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 Flex Cnsrv Inc Muni Bd expense ratio is low compared to funds in the Muni National Short category. Fidelity Flex Cnsrv Inc Muni Bd has an expense ratio of 0.00%, which is 100% 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 Flex Cnsrv Inc Muni Bd has a portfolio turnover rate of 62%, 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 Flex Cnsrv Inc Muni Bd returned 0.1%, 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 Flex Cnsrv Inc Muni Bd has a trailing yield of 3.00%, which is above the 2.78% 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 Flex Cnsrv Inc Muni Bd Grades
Year to date, the fund has returned 1.6%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 2.9% over the past year (grade of B), 3.5% over the past three years (grade of B) and 2.6% per year over the past five years (grade of A).
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FUEMX 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 |
|
| FUEMX Return (NAV) | 0.1% | 0.6% | 2.9% | 3.5% | 2.6% | na |
| FUEMX Grade | A | A | B | B | A | na |
| +/- Category | 0.6% | 0.5% | 0.2% | 0.3% | 1.1% | na |
| Muni National Short Avg | -0.5% | 0.1% | 2.7% | 3.2% | 1.5% | 1.5% |
| FUEMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FUEMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FUEMX Return (NAV) | 1.6% | 3.4% | 3.5% | 3.9% | 0.5% | 0.4% | 1.5% | 2.4% | 1.8% | na | na |
| FUEMX Grade | A | D | A | C | A | B | D | D | A | na | na |
| +/- Category | 0.8% | -0.6% | 0.9% | 0.0% | 3.7% | 0.1% | -1.0% | -1.0% | 0.6% | na | na |
| Muni National Short Avg | 0.8% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 0.5% |
| Total Risk Index: | 0.04 - Low |
| Category Risk Index: | 0.26 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.08 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | None |
| Total Assets: | $281 Mil |
| Fund Total Assets: | $ 281 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 62% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 8.8 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): McLaughlin Elizah (2017), Maka Michael (2021), Brogan Ryan (2021), Cullen Cormac (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 336 |
| % in Top 10 Holdings: | 22.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.7% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-835-5092 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 12, 2017 |
| 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | Fidelity Flex Cnsrv Inc Muni Bd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
