Fidelity Advisor California Municipal Income Fund Class A is an actively managed municipal bond mutual fund designed to deliver a high level of current income that is exempt from federal and California personal income taxes. The portfolio primarily invests at least 80% of assets in investment‑grade California municipal securities, with broad exposure to essential-service revenue bonds and state and local general obligations across sectors such as transportation infrastructure, higher education, and healthcare. The strategy maintains a disciplined, risk‑aware approach, reflecting a credit quality profile concentrated in AA and A ratings and a long‑duration orientation typical of California muni mandates. The fund may employ transactions with a leveraging effect to enhance income. Within the California municipal market, it serves as a core tax‑exempt income vehicle for residents seeking state and federal tax advantages, offering diversified access to bonds backed by large issuers including universities, transportation authorities, and health facilities. According to sponsor materials and third‑party research, the fund targets consistent tax‑exempt income through active security selection and yield curve positioning within the Muni California Long category.
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