C000125571 Fees and Costs — Fidelity Municipal Income 2023 Fund, Class A
Data updated: 2023-09-12
The net expense ratio is 0.65%: a 0.30% management fee, a 0.25% 12b-1 fee plus 0.10% other expenses. This share class carries a maximum front-end sales load of 2.75%. Portfolio turnover was 9%.
C000125571 Fees and Expenses
Annual operating expenses and sales charges of C000125571. Prospectus, as of August 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.10% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | 2.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
C000125571 Costs Over Time
On $10,000 invested in C000125571, assuming 5% a year before costs, total costs come to $749 over 5 years, cutting the return by 1.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $275 | $275 | $275 |
| Fund expenses (net expense ratio 0.65%) | $66 | $208 | $362 |
| Lost growth on money paid in costs | $14 | $54 | $112 |
| Total costs | $355 | $536 | $749 |
| Value after costs | $10,145 | $11,040 | $12,014 |
| Impact on return, per year | 3.55% | 1.65% | 1.26% |
C000125571 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $51.7M
- Portfolio turnover (prospectus): 9%
- Securities lending: none during the year
C000125571 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $8.8M | 19.93% |
| JPMORGAN CHASE and CO | $7.9M | 17.87% |
| WELLS FARGO and CO | $7.5M | 16.95% |
| GOLDMAN SACHS GROUP INC (THE) | $6.3M | 14.30% |
| BANK OF AMERICA CORPORATION | $4.5M | 10.19% |
| BARCLAYS PLC | $2.8M | 6.40% |
| SOUTHWEST BUSINESS CORPORATION | $2.7M | 6.17% |
| DEUTSCHE BANK AG | $1.3M | 2.97% |
| BANK NEW YORK MELLON CORP | $1.2M | 2.70% |
| CITIGROUP INC | $1.1M | 2.50% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.