Fidelity Advisor California Municipal Income Fund Class I is an actively managed municipal bond fund focused on delivering a high level of current income that is exempt from federal and California personal income taxes. The fund primarily invests at least 80% of its assets in investment‑grade California municipal securities, positioning it within the Muni California Long category, which typically emphasizes longer durations and maturities over 12 years. The strategy emphasizes credit research and portfolio construction aimed at competitive risk‑adjusted returns, with notable exposure to essential-service and revenue-backed issuers across transportation, healthcare, education, and state general obligation sectors. Managed by a dedicated team, the fund has historically employed overweights in higher‑coupon bonds and select credits to enhance carry and relative performance versus California municipal benchmarks. It serves investors seeking tax‑advantaged income within a single‑state municipal framework, offering diversified access to California’s broad municipal market while maintaining a predominantly high‑quality credit profile. The fund’s approach and results are documented through periodic performance and attribution reports that benchmark against Bloomberg California municipal indices.
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