Fidelity Municipal Income 2025 Fund
FIMSX
NASDAQ Global Market- -
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
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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 25, 2017
- CIK
- 0000035315
- Similar Companies
- Business
- Fidelity Municipal Income 2025 Fund (FIMSX) is a target-maturity mutual fund that seeks a high level of current income exempt from federal income tax by investing at least 80% of its assets in investment-grade municipal securities maturing principally around June 30, 2025; its portfolio comprises general obligation bonds, revenue-backed municipal securities, and cash equivalents across sectors including health care (27.43%), transportation (24.53%), and higher education (21.93%), with credit quality diversified among AAA (9.75%), AA (31.52%), A (34.89%), and BBB (17.12%) ratings. The fund, part of Fidelity's Defined Maturity Funds series managed by Fidelity Salem Street Trust and headquartered in Smithfield, Rhode Island, was launched on May 25, 2017, and operates primarily in the U.S. municipal bond market, targeting investors in higher tax brackets seeking tax-exempt income with declining interest rate sensitivity as maturity approaches. Top holdings include Fidelity Municipal Cash Central (7.05%), Connecticut ST Hsg Fin Auth Hsg Mtg Fin Prog 5% (4.28%), Allegheny Cnty PA Hosp Dev Auth Rev 5% (2.76%), Broward Cnty Fla Arpt Sys Rev 5% (2.31%), and Black Belt Energy Gas Dist Ala Gas Proj Rev 5.25% (2.29%), emphasizing fundamental credit analysis for preservation of capital and total return. In recent developments, the fund closed to new investors on June 28, 2024, in preparation for its anticipated liquidation shortly after the target maturity date of June 30, 2025, reflecting a significant operational shift as holdings mature and proceeds shift toward lower-yielding money market securities. For the semiannual period ending December 31, 2024, Retail Class shares delivered a 1.81% return net of fees, outperforming the Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index (1.69%) due to overweights in higher-yielding lower-rated health care and higher-education bonds amid tightening credit spreads; year-to-date 2024 performance reached 2.90%, surpassing the index's 2.56%. Co-portfolio managers Cormac Cullen (since inception), Elizah McLaughlin (since September 2018), and Michael Maka (since March 2020) maintained a total-return approach amid market volatility from Federal Reserve rate cuts, election uncertainty, and rising municipal supply, with assets under management at approximately $22.1 million as of December 31, 2024.