Fund Evaluator:
Fidelity Advisor Ltd Term Muni Inc (FSTFX)
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Fund Details
Fidelity Advisor Ltd Term Muni Inc Overview
Fidelity Advisor Ltd Term Muni Inc (FSTFX) is an actively managed Municipal Bond Muni National Short fund. Fidelity Investments launched the fund in 1986.
The investment seeks as high a level of current income, exempt from federal income tax, as is consistent with preservation of capital. The fund normally invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax. It normally maintains a dollar-weighted average maturity between two and five years. The fund invests more than 25% of total assets in municipal securities that finance similar types of projects.
About Fidelity Advisor Ltd Term Muni Inc (FSTFX)
There are 3 members of the management team with an average tenure of 8.10 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 Muni 1-5 Yr Blend(1-6) TR USD index with a weighting of 100%. Fidelity Advisor Ltd Term Muni Inc has 970 securities in its portfolio. The top 10 holdings constitute 12.9% 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 Ltd Term Muni Inc is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity Advisor Ltd Term Muni Inc has 0.3% 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 93.1% (92.8% domestic bond, 0.3% foreign bond and 0.0% convertible bond). Fidelity Advisor Ltd Term Muni Inc has 6.9% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $630 million average for the Muni National Short 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.
FSTFX 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 Ltd Term Muni Inc expense ratio is below average compared to funds in the Muni National Short category. Fidelity Advisor Ltd Term Muni Inc has an expense ratio of 0.30%, which is 48% 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 Ltd Term Muni Inc has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.
Recently, in the month of June 2026, Fidelity Advisor Ltd Term Muni Inc returned 0.4%, which earned it a grade of B, as the Muni National Short category had an average return of 0.3%. 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 Ltd Term Muni Inc has a trailing yield of 2.46%, which is below the 2.77% category average. The fund normally distributes its income monthly.
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 Ltd Term Muni Inc Grades
Year to date, the fund has returned 1.2%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.6% over the past year (grade of C), 3.6% over the past three years (grade of B) and 1.4% per year over the past five years (grade of D) and 1.7% per year over the past 10 years (grade of C).
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FSTFX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FSTFX Return (NAV) | 0.4% | 1.0% | 3.6% | 3.6% | 1.4% | 1.7% |
| FSTFX Grade | B | C | C | B | D | C |
| +/- Category | 0.1% | 0.0% | -0.0% | 0.1% | -0.2% | 0.1% |
| Muni National Short Avg | 0.3% | 1.0% | 3.6% | 3.5% | 1.6% | 1.6% |
| FSTFX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FSTFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSTFX Return (NAV) | 1.2% | 4.6% | 2.3% | 3.8% | -4.5% | 0.4% | 3.3% | 4.2% | 1.3% | 2.4% | -0.4% |
| FSTFX Grade | D | A | D | C | D | B | A | B | C | B | D |
| +/- Category | -0.1% | 0.6% | -0.3% | -0.0% | -1.2% | -0.0% | 0.9% | 0.8% | 0.1% | 0.5% | -0.3% |
| Muni National Short Avg | 1.3% | 4.0% | 2.6% | 3.9% | -3.2% | 0.4% | 2.4% | 3.4% | 1.2% | 1.9% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 2.4% |
| Total Risk Index: | 0.20 - Low |
| Category Risk Index: | 1.19 - Above Average |
| Category Risk Grade: | D (66% Rank) |
| Beta: | 0.39 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | None |
| Total Assets: | $2997 Mil |
| Fund Total Assets: | $1,968 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 22% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.2 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Cullen Cormac (2016), McLaughlin Elizah (2018), Maka Michael (2020) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 970 |
| % in Top 10 Holdings: | 12.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 92.8% |
| Foreign Bond: | 0.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | December 24, 1986 |
| 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 (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.58% |
| Share Class: | Fidelity Advisor Ltd Term Muni Inc |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
