Fidelity Advisor Municipal Income Fund Class I is an actively managed mutual fund focused on the U.S. municipal bond market. Its primary objective is to deliver a high level of current income that is generally exempt from federal income tax, achieved by investing predominantly in investment‑grade general obligation and revenue-backed municipal securities across the yield curve. The strategy emphasizes fundamental credit research, disciplined yield‑curve positioning, and careful evaluation of each bond’s structural features, while targeting interest‑rate sensitivity close to its benchmark to avoid macro rate bets. The fund employs a total‑return approach that balances tax‑exempt income generation with capital preservation, supported by a dedicated municipal research team. It distributes income monthly and typically maintains broad diversification across sectors such as transportation, healthcare, education, and tobacco settlement bonds within the national muni market. With an expense ratio around the institutional share class level and a low minimum, it is positioned for tax‑sensitive investors seeking diversified municipal exposure through a research-driven process.