Investment objective & strategy
As of Aug. 26, 2024 · prospectusObjective. Fidelity Municipal Bond Index Fund seeks to provide a high current yield exempt from federal income tax.
Strategy. Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax (but may be subject to the federal alternative minimum tax). Normally investing at least 80% of assets in securities included in the Bloomberg Municipal Bond Index, a market value-weighted index of investment-grade municipal bonds with maturities of one year or more. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg Municipal Bond Index using a smaller number of securities. Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax (but may be subject to the federal alternative minimum tax). Normally investing at least 80% of assets in securities included in the Bloomberg Municipal Bond Index, a market value-weighted index of investment-grade municipal bonds with maturities of one year or more. Using statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg Municipal Bond Index using a smaller number of securities.
Top holdings
As of March 31, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Water & Sewer System 2nd Resolution RB Fiscal 2015 Series HH | — | $4.67M | 2.67% |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | CCEDEV | $2.91M | 1.66% |
| PORT NY NJ 4% 11/1/2034 @ | — | $2.75M | 1.57% |
| WASHINGTON ST-R-2025B | — | $2.35M | 1.34% |
| State of Illinois, Series 2017A | — | $2.32M | 1.32% |
| CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE | — | $2.06M | 1.18% |
| CA ST PUB WKS BRD-A | — | $1.83M | 1.05% |
| NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE | — | $1.57M | 0.90% |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB | — | $1.54M | 0.88% |
| Pennsylvania Turnpike Commission, Series 2024 | — | $1.53M | 0.87% |
Portfolio moves
Dec 31, 2024 → Mar 31, 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 SAI Municipal Bond Index Fund · FSABX | 12% | 0.07% |
| Fidelity Municipal Core Plus Bond Fund · FMBHX, FMBGX, FMBAX, FMBFX, FMBMX, FMBEX | 2% | 0.30% |
| California Municipal Portfolio · AICAX, ACMCX, SNCAX, AICYX | 2% | 0.50% |
Footnotes
- Expense ratio as of August 26, 2024, from the fund's prospectus.
- Net assets and holdings count as of March 31, 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).
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