FCMKX

About FCMKX

Fidelity Advisor California Municipal Income Fund Class C is an actively managed municipal bond mutual fund focused on generating a high level of current income that is exempt from federal and California personal income taxes. The portfolio normally invests at least 80% of assets in investment‑grade California municipal securities and may use transactions that have a leveraging effect to pursue its income objective. Positioned in the Muni California Long category, it typically holds bonds with longer durations or maturities, reflecting exposure to interest‑rate dynamics common to long‑term municipal debt. The fund emphasizes high‑quality credit, with a sizable allocation to AA and A rated issuers, and minimal exposure below investment grade, aligning with its tax‑exempt income mandate. As a California‑specific offering, it channels capital to state and local projects such as infrastructure, education, and public services, contributing to municipal market financing while providing a dedicated vehicle for tax‑advantaged income within a diversified fixed income allocation.