Fidelity Advisor California Municipal Income Fund Class Z is a municipal bond mutual fund focused on generating a high level of current income that is exempt from both federal and California personal income taxes. This fund primarily invests at least 80% of its assets in investment-grade municipal securities issued by California state and local governments and their agencies, making it particularly relevant for investors seeking tax-efficient income within the state. Its portfolio is actively managed and diversified, holding hundreds of municipal debt instruments across various sectors in California. A notable feature of this fund is its low expense ratio among its share classes, coupled with a monthly dividend payout, which can appeal to those seeking regular, tax-free income streams. With a risk profile considered low and an average performance rating, the fund serves as a specialized tool for individuals, institutions, or entities that are sensitive to tax implications and wish to participate in California’s municipal bond market. Since its launch in 2018, the fund has played a role in supporting state infrastructure and public services through its investments, thereby linking investors to the broader fiscal health of California municipalities.
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