Investment objective & strategy
As of Aug. 26, 2024 · prospectusObjective. Fidelity Municipal Income 2025 Fund seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital.
Strategy. Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax (but may be subject to the federal alternative minimum tax). Managing the fund to have similar overall interest rate risk to the supplemental index. Allocating assets across different market sectors and maturities. Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects. Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. Liquidating shortly after the fund's target end-date of June 30, 2025. Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax (but may be subject to the federal alternative minimum tax). Managing the fund to have similar overall interest rate risk to the supplemental index. Allocating assets across different market sectors and maturities. Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects. Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. Liquidating shortly after the fund's target end-date of June 30, 2025.
Top holdings
As of June 30, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Fidelity Municipal Cash Central Fund | — | $9.45M | 45.95% |
| WA ST 5% 7/1/2025 | — | $485.00K | 2.36% |
| ME ST HLT(UNIV N ENG)4% 7/1/25 | — | $465.00K | 2.26% |
| PORTLND OR ARPT 5% 7/1/2025 @ | — | $420.00K | 2.04% |
| AZ BOR-AZ ST U 5% 7/1/2025 | — | $405.00K | 1.97% |
| CT ST HLTH and REV 5% 7/1/2025 | — | $400.00K | 1.94% |
| NJ HLTH CARE 5% 7/1/2025 | — | $400.00K | 1.94% |
| ST LOUIS MO AIR/AGM 5% 7/1/25 | — | $370.00K | 1.80% |
| MASSACHUSETTS ST PORT AUTH | — | $300.00K | 1.46% |
| FLINT MI BLDG 5% 7/1/2025 | — | $300.00K | 1.46% |
Portfolio moves
Mar 31, 2025 → Jun 30, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Municipal Core Plus Bond Fund · FMBHX, FMBGX, FMBAX, FMBFX, FMBMX, FMBEX | 6% | 0.30% |
| Fidelity SAI Municipal Bond Index Fund · FSABX | 1% | 0.07% |
Advisers
| Firm | Role |
|---|---|
| FMR Investment Management (UK) Limited | Sub-adviser |
| Fidelity Management & Research (Japan) Limited | Sub-adviser |
| Fidelity Management & Research (Hong Kong) Limited | Sub-adviser |
| Fidelity Management & Research Company LLC | Adviser |
Footnotes
- Expense ratio as of August 26, 2024, from the fund's prospectus.
- Net assets and holdings count as of June 30, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2024 (the latest prospectus does not yet chart this year).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.