Fund Evaluator:
Fidelity Advisor California Muni Inc Z (FIJBX)
Follow This Fund
Best Performing in Muni California Long Over the Last Year
| 8.2% | Invesco California Municipal Y (OCAYX) |
| 7.4% | American Century CA High Yield Muni Y (ACYHX) |
| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
Fidelity Advisor California Muni Inc Z Overview
Fidelity Advisor California Muni Inc Z (FIJBX) is an actively managed Municipal Bond Muni California Long fund. Fidelity Investments launched the fund in 2018.
The investment seeks a high level of current income, exempt from federal and California personal income taxes. The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal and California personal income taxes. It potentially invests more than 25% of total assets in municipal securities that finance similar types of projects. The fund allocates assets across different market sectors and maturities.
About Fidelity Advisor California Muni Inc Z (FIJBX)
There are 3 members of the management team with an average tenure of 8.16 years: Cormac Cullen (2016), Elizah McLaughlin (2018), Michael Maka (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Cal 4+Yr Enh Muni Li Ix TR USD index with a weighting of 100%. Fidelity Advisor California Muni Inc Z has 725 securities in its portfolio. The top 10 holdings constitute 11.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Advisor California Muni Inc Z is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity Advisor California Muni Inc Z has 1.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.9% (99.0% domestic bond, 1.9% foreign bond and 0.0% convertible bond). Fidelity Advisor California Muni Inc Z has -0.9% of the portfolio in cash.
Assets Under Management
The fund has $132 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIJBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Advisor California Muni Inc Z expense ratio is average compared to funds in the Muni California Long category. Fidelity Advisor California Muni Inc Z has an expense ratio of 0.40%, which is 51% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Advisor California Muni Inc Z has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, Fidelity Advisor California Muni Inc Z returned -2.0%, which earned it a grade of C, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Advisor California Muni Inc Z has a trailing yield of 3.14%, which is below the 3.52% category average. The fund normally distributes its income monthly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Advisor California Muni Inc Z Grades
Year to date, the fund has returned -0.1%, 0.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.3% over the past year (grade of F), 3.4% over the past three years (grade of B) and 0.7% per year over the past five years (grade of A) and 1.9% per year over the past 10 years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Fidelity Advisor California Muni Inc Z, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FIJBX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIJBX Return (NAV) | -2.0% | -0.8% | 5.3% | 3.4% | 0.7% | 1.9% |
| FIJBX Grade | C | F | F | B | A | B |
| +/- Category | 0.0% | -0.4% | -1.0% | 0.2% | 0.7% | 0.2% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| FIJBX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
FIJBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIJBX Return (NAV) | -0.1% | 4.8% | 2.0% | 6.5% | -8.8% | 1.8% | 4.5% | 7.6% | 0.7% | 5.8% | -0.1% |
| FIJBX Grade | F | A | D | C | A | D | C | C | C | D | D |
| +/- Category | -0.8% | 1.9% | -0.6% | 0.1% | 2.4% | -0.7% | 0.1% | -0.5% | -0.1% | -0.4% | -0.3% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 5.8% |
| Total Risk Index: | 0.47 - Below Average |
| Category Risk Index: | 0.89 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 1.00 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $1851 Mil |
| Fund Total Assets: | $ 133 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 19% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Cullen Cormac (2016), McLaughlin Elizah (2018), Maka Michael (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 725 |
| % in Top 10 Holdings: | 11.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.0% |
| Foreign Bond: | 1.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 2, 2018 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.40% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Fidelity California Municipal Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
