Fidelity adds to Fidelity Municipal Income lineup with new 2023 fund

By Toni Weeks

San Luis Obispo, Calif., Feb. 1 - Fidelity said it will add one more fund to its lineup of Fidelity Defined Maturity Funds, according to an N-1A filing with the Securities and Exchange Commission.

The Fidelity Municipal Income 2023 Fund will join its predecessor 2015, 2017, 2019 and 2021 funds in April. The actively managed national municipal income funds seek to bridge the gap between individual bonds and bond funds.

Like the previous funds in the series, the 2023 fund will seek as high a level of current income, except from federal income tax, as is consistent with the preservation of capital. It will invest at least 80% of its assets in investment-grade municipal securities whose interest is exempt from federal income tax. The fund will allocate its assets across different market sectors and maturities and will liquidate shortly after its target end-date of June 30, 2023.

Kevin Ramundo leads the portfolio management team, which also includes Jamie Pagliocco and Mark Sommer.

Shareholder fees include a 0.5% redemption fee on shares held less than 30 days. The management fee is 0.3%. Including other expenses, the total annual operating expenses are expected to be 0.4%.

Boston-based Fidelity Management & Research Co., or FMR, is the fund's investment manager.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.