FZIIX

About FZIIX

Fidelity Advisor Intermediate Municipal Income Fund – Class I is an actively managed municipal bond mutual fund focused on generating a high level of income that is generally exempt from federal income taxes while emphasizing capital preservation. The strategy primarily invests in investment‑grade general obligation and revenue bonds with a typical dollar‑weighted average maturity between three and ten years, aligning the portfolio’s interest‑rate sensitivity with intermediate benchmarks to limit undue duration risk. Management employs fundamental credit research, yield‑curve positioning, and careful analysis of bond structures within a diversified, national muni allocation. The fund follows a total‑return approach that balances tax‑exempt income and price appreciation, with risk controls that limit below‑investment‑grade exposure and monitor alternative minimum tax implications. As of June 30, 2025, the Class I share class reported a 30‑Day SEC yield around the low‑3% range and an effective duration a little over five years, reflecting its intermediate profile. The portfolio is broadly diversified across states and sectors, supporting its role as a core municipal allocation for tax‑sensitive investors seeking moderate interest‑rate risk and high credit quality.