Fidelity Advisor Sustainable Intermediate Municipal Income Fund - Class Z is an actively managed municipal bond mutual fund focused on generating a high level of current income that is exempt from federal income tax while emphasizing capital preservation. The strategy primarily invests in investment-grade, intermediate-maturity municipal securities and integrates environmental, social, and governance considerations by prioritizing bonds that finance areas such as education, health care, affordable housing, and clean infrastructure. Co-managed by Elizah McLaughlin, Cormac Cullen, and Michael Maka, the portfolio maintains a diversified exposure across municipal issuers and sectors, with an intermediate duration profile designed to balance income and interest-rate sensitivity. The fund seeks to add value through security selection and a measured overweight to higher-yielding, lower-quality tiers within the investment-grade spectrum. It distributes income monthly and targets competitive, risk-adjusted, tax-exempt returns within the municipal market. Established in 2022, the fund’s approach positions it as a vehicle for investors seeking federally tax-exempt income aligned with identifiable sustainability characteristics in public-purpose projects.
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