Fidelity Municipal Income 2023 Fund
FCHPX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 245 Summer Street Boston MA United States of America 02210
- IPO Date
- May 1, 2013
- CIK
- 0000035315
- Similar Companies
- Business
- Fidelity Municipal Income 2023 Fund (FCHPX) is a target-maturity municipal bond mutual fund that seeks a high level of current income exempt from federal income tax while preserving capital. The fund normally invests at least 80% of its assets in investment-grade municipal securities, including general obligation bonds and revenue-backed municipal bonds, with maturities clustered around its defined maturity date of 2023; it may also hold lower-quality investment-grade bonds for yield enhancement, cash equivalents, and derivative instruments for hedging or duration management. Managed by Fidelity Investments, the fund operates within the municipal bond segment, targeting tax-sensitive investors such as individuals in higher tax brackets, with geographic exposure primarily across U.S. states and territories issuing tax-exempt debt. The fund provides diversified exposure to sectors like local obligations, health care, corporate-backed municipals, and utilities through its portfolio of investment-grade securities; it emphasizes income generation with controlled interest rate sensitivity matching its target maturity profile. Fidelity Investments, headquartered in Boston, Massachusetts, and founded in 1946 as the fund sponsor, oversees the strategy through experienced portfolio managers including Jamie Pagliocco, Mark Sommer, and Kevin Ramundo. In a significant milestone, the fund reached its target maturity date and distributed its remaining assets to shareholders in early July 2023, effectively liquidating the portfolio after focusing on shorter-duration positioning and credit fundamentals amid market volatility. This operational change marked the conclusion of its defined maturity lifecycle, with no further active management or new investments post-distribution; prior to maturity, the fund navigated heavy municipal issuance, rising yields, and policy uncertainties through an overweight in higher-yielding investment-grade bonds and prudent cash allocations. No recent partnerships, acquisitions, or new product launches apply, as the fund has completed its term within Fidelity's Defined Maturity Funds series.