Fidelity gives details on its municipal 2023 defined maturity fund

By Toni Weeks

San Luis Obispo, Calif., April 29 - Fidelity Defined Maturity Funds has added to its lineup of municipal defined maturity funds, according to a 497K filing with the Securities and Exchange Commission.

Like its predecessor 2015, 2017, 2019 and 2021 funds, the Fidelity Municipal Income 2023 Fund seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital. It will normally invest at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax. The fund will liquidate shortly after the fund's target end-date of June 30, 2023.

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

The fund's ticker symbol is "FCHPX."

Shareholder fees include a 0.5% redemption fee on shares held less than 30 days.

Total annual operating expenses of 0.4% include a 0.3% management fee.

Boston-based Fidelity Management & Research Co. is the fund's investment adviser.

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