FCSTX

About FCSTX

Fidelity California Limited Term Tax-Free Bond Fund is a municipal bond mutual fund focused on providing investors with a high level of current income exempt from both federal and California personal income taxes. The fund typically invests at least 80% of its assets in investment-grade municipal debt securities issued by entities within California, which finance a diverse range of public infrastructure projects including healthcare, education, and transportation. It is managed with a limited-term strategy, maintaining a dollar-weighted average maturity between two and five years, resulting in moderate interest rate sensitivity and an effective duration around 2.9 years. This approach places the fund within the "short muni single state" category, emphasizing lower credit and interest rate risk compared to longer-term municipal funds. The fund is notable for its low expense ratio and monthly income distributions, making it a recognized choice among investors seeking tax-advantaged returns and diversification within the fixed income sector, particularly for California residents seeking state-specific tax benefits.