FCMTX

About FCMTX

Fidelity Advisor California Municipal Income Fund Class M is a municipal bond mutual fund focused on generating a high level of current income that is exempt from federal and California personal income taxes. According to its objective and prospectus, the fund normally invests at least 80% of assets in investment‑grade California municipal securities, and may use transactions with a leveraging effect to manage interest-rate exposure and enhance income within risk limits. The portfolio emphasizes higher-quality credits—primarily AA and A-rated issuers—across essential-service revenue bonds, state and local general obligations, education, health care, transportation, and infrastructure-related financings. Managed within Fidelity’s municipal platform, the strategy seeks diversified exposure to California’s broad tax-exempt market while maintaining disciplined credit selection and duration management consistent with long-term muni benchmarks. Class M shares distribute income monthly, reflecting the underlying coupon cash flows of the bond holdings, and the share class carries an expense structure tailored to advised investors. Established in 2002, the fund serves investors seeking state- and federally tax-exempt income through a professionally managed, California-centric municipal bond portfolio.