497K 1 faca_sum.htm

Fidelity® California Municipal Income Fund

Class/Ticker

Fidelity Advisor® California Municipal Income Fund

A/FCMAX   M/FCMTX   C/FCMKX   I/FCMQX   Z/FIJBX  


Summary Prospectus

April 29, 2020



Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at institutional.fidelity.com/fafunddocuments. You can also get this information at no cost by calling 1-866-997-1254 or by sending an e-mail request to funddocuments@fmr.com. The fund's prospectus and SAI dated April 29, 2020 are incorporated herein by reference.

See the inside front cover for important information about access to your fund's shareholder reports.

Fidelity Investments

245 Summer Street, Boston, MA 02210




Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type  Website  Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts:  fidelity.com/mailpreferences  1-800-343-3548 
Employer Provided Retirement Accounts:  netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)  1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary:  Contact Your Financial Intermediary  Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity:  institutional.fidelity.com  1-877-208-0098 

Fund Summary

Fund/Class:
Fidelity® California Municipal Income Fund/Fidelity Advisor® California Municipal Income Fund A, M, C, I, Z

Investment Objective

The fund seeks a high level of current income, exempt from federal and California personal income taxes.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.

You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity® funds. More information about these and other discounts is available from your investment professional and in the "Fund Distribution" section beginning on page 30 of the prospectus. Different intermediaries may provide additional waivers or reductions of the sales charge. Please see “Sales Charge Waiver Policies Applied by Certain Intermediaries” in the “Appendix” section of the prospectus.

Shareholder fees

(fees paid directly from your investment)

  Class A  Class M  Class C  Class I  Class Z 
Maximum sales charge (load) on purchases (as a % of offering price)  4.00%  4.00%  None  None  None 
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)  None(a)  None(a)  1.00%(b)  None  None 

(a)  Class A and Class M purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class M purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 0.75% or 0.25%, respectively.

(b)  On Class C shares redeemed less than one year after purchase.

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

  Class A  Class M  Class C  Class I  Class Z 
Management fee  0.35%  0.35%  0.35%  0.35%  0.35% 
Distribution and/or Service (12b-1) fees  0.25%  0.25%  1.00%  None  None 
Other expenses  0.19%  0.15%  0.19%  0.20%  0.08% 
Total annual operating expenses  0.79%  0.75%  1.54%  0.55%  0.43% 

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:

  Class A  Class M  Class C  Class I  Class Z 
  Sell All
Shares 
Hold
Shares 
Sell All
Shares 
Hold
Shares 
Sell All
Shares 
Hold
Shares 
Sell All
Shares 
Hold
Shares 
Sell All
Shares 
Hold
Shares 
1 year  $477  $477  $474  $474  $257  $157  $56  $56  $44  $44 
3 years  $642  $642  $630  $630  $486  $486  $176  $176  $138  $138 
5 years  $821  $821  $800  $800  $839  $839  $307  $307  $241  $241 
10 years  $1,339  $1,339  $1,293  $1,293  $1,834  $1,834  $689  $689  $542  $542 

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 11% of the average value of its portfolio.

Principal Investment Strategies

  • Normally investing at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal and California personal income taxes.
  • Managing the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company LLC (FMR)'s view of how the fund's competitive universe will perform over time.
  • Allocating assets across different market sectors and maturities.
  • Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
  • Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.

Principal Investment Risks

  • Municipal Market Volatility.  The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
  • Interest Rate Changes.  Interest rate increases can cause the price of a debt security to decrease.
  • Geographic Concentration.  Unfavorable political or economic conditions within California can affect the credit quality of issuers located in that state.
  • Issuer-Specific Changes.  The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. You could lose money by investing in the fund.

Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index and an additional index over various periods of time. The indexes have characteristics relevant to the fund's investment strategies. Index descriptions appear in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit institutional.fidelity.com for more recent performance information.

Year-by-Year Returns

The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.


During the periods shown in the chart for Class A:  Returns  Quarter ended 
Highest Quarter Return  4.15%  June 30, 2011 
Lowest Quarter Return  (4.58)%  December 31, 2010 
Year-to-Date Return  -0.97%  March 31, 2020 

Average Annual Returns

Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

For the periods ended December 31, 2019  Past 1 year  Past 5 years  Past 10 years 
Class A - Return Before Taxes  2.96%  2.26%  4.07% 
Return After Taxes on Distributions  2.93%  2.23%  4.05% 
Return After Taxes on Distributions and Sale of Fund Shares  2.76%  2.34%  3.88% 
Class M - Return Before Taxes  2.98%  2.30%  4.10% 
Class C - Return Before Taxes  5.46%  2.33%  3.70% 
Class I - Return Before Taxes  7.51%  3.35%  4.74% 
Class Z - Return Before Taxes  7.63%  7.47%(a)  — 
Bloomberg Barclays Municipal Bond Index
(reflects no deduction for fees, expenses, or taxes) 
7.54%  3.53%  4.34% 
Bloomberg Barclays California Enhanced Municipal Bond Index
(reflects no deduction for fees, expenses,or taxes) 
7.71%  3.56%  4.86% 

(a)  Since inception October 2, 2018.

Investment Adviser

FMR (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

Portfolio Manager(s)

Cormac Cullen (co-manager) has managed the fund since May 2016.

Kevin Ramundo (co-manager) has managed the fund since May 2016.

Elizah McLaughlin (co-manager) has managed the fund since September 2018.

Michael Maka (co-manager) has managed the fund since March 2020.

It is expected that Mr. Ramundo will retire effective on or about June 30, 2020. At that time, he will no longer serve as a co-manager for the fund.

Purchase and Sale of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

institutional.fidelity.com

Phone

To reach a Fidelity representative 1-877-208-0098

Mail

Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
Overnight Express:
Fidelity Investments
100 Crosby Parkway
Covington, KY 41015

Class I and Class Z eligibility requirements are listed in the "Additional Information about the Purchase and Sale of Shares" section of the prospectus.

The price to buy one share of Class A or Class M is its offering price, if you pay a front-end sales charge, or its net asset value per share (NAV), if you qualify for a front-end sales charge waiver. The price to buy one share of Class C, Class I, or Class Z is its NAV. Shares will be bought at the offering price or NAV, as applicable, next calculated after an order is received in proper form.

The price to sell one share of Class A, Class M, or Class C is its NAV, minus any applicable contingent deferred sales charge (CDSC). The price to sell one share of Class I or Class Z is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form, minus any applicable CDSC.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

Tax Information

The fund seeks to earn income and pay dividends exempt from federal income tax and California personal income tax. A portion of the dividends you receive may be subject to federal, state, or local income tax and may also be subject to the federal alternative minimum tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.

Payments to Broker-Dealers and Other Financial Intermediaries

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.




Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity® funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-877-208-0098. We will begin sending individual copies to you within 30 days of receiving your call.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, Fidelity Advisor, and Fidelity Investments & Pyramid Design are registered service marks of FMR LLC. © 2020 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

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