Fidelity adds 2023 municipal fund to defined maturity funds lineup

By Toni Weeks

San Luis Obispo, Calif., April 15 - Fidelity Defined Maturity Funds announced it has added the Fidelity Advisor Municipal Income 2023 Fund A to its lineup of municipal defined maturity funds, according to an N-1A filing with the Securities and Exchange Commission.

The fund seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital, and will normally invest at least 80% of its assets in investment-grade municipal securities whose interest is exempt from federal income tax. The fund has a target end date of June 30, 2023 and will be liquidated shortly after that, with its net assets distributed to shareholders.

Kevin Ramundo is the lead portfolio manager. Jamie Pagliocco and Mark Sommer are co-managers.

The fund will trade under the ticker symbol "FSODX."

Shareholder fees consist of a 2.75% maximum sales charge. The total annual operating expenses, which are estimated at 0.65%, include a 0.3% management fee.

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

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