Fund Evaluator:
Fidelity Advisor Interm Muni Inc I (FZIIX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Fidelity Advisor Interm Muni Inc I Overview
Fidelity Advisor Interm Muni Inc I (FZIIX) is an actively managed Municipal Bond Muni National Interm fund. Fidelity Investments launched the fund in 2005.
The investment seeks as high a level of current income, exempt from federal income tax, as is consistent with the preservation of capital. The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax. Its investments include securities issued by U.S. territories and possessions, general obligation bonds of municipalities, local or state governments, project or revenue-specific bonds, or pre-refunded or escrowed bonds, municipal money market securities, and synthetic securities.
About Fidelity Advisor Interm Muni Inc I (FZIIX)
There are 3 members of the management team with an average tenure of 8.19 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 Municipal 3-15Y Blend 2-17Y TR index with a weighting of 100%. Fidelity Advisor Interm Muni Inc I has 3036 securities in its portfolio. The top 10 holdings constitute 10.4% 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 Interm Muni Inc I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity Advisor Interm Muni Inc I has 0.4% 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 97.7% (97.3% domestic bond, 0.4% foreign bond and 0.0% convertible bond). Fidelity Advisor Interm Muni Inc I has 3.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $1 billion average for the Muni National Interm 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.
FZIIX 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 Interm Muni Inc I expense ratio is average compared to funds in the Muni National Interm category. Fidelity Advisor Interm Muni Inc I has an expense ratio of 0.44%, which is 35% lower than its category average, making the fund expense ratio grade a B. 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 Interm Muni Inc I has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Fidelity Advisor Interm Muni Inc I returned -1.5%, which earned it a grade of C, as the Muni National Interm category had an average return of -1.6%. 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 Interm Muni Inc I has a trailing yield of 2.89%, which is below the 3.27% 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 Interm Muni Inc I Grades
Year to date, the fund has returned -0.2%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.7% over the past year (grade of F), 3.0% over the past three years (grade of D) and 0.8% per year over the past five years (grade of B) and 1.8% per year over the past 10 years (grade of C).
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FZIIX 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 |
|
| FZIIX Return (NAV) | -1.5% | -0.6% | 3.7% | 3.0% | 0.8% | 1.8% |
| FZIIX Grade | C | D | F | D | B | C |
| +/- Category | 0.1% | -0.1% | -0.9% | -0.2% | 0.2% | 0.1% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| FZIIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FZIIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FZIIX Return (NAV) | -0.2% | 5.0% | 1.2% | 5.5% | -6.4% | 1.2% | 4.4% | 6.5% | 1.1% | 4.5% | -0.1% |
| FZIIX Grade | F | A | F | C | A | D | C | D | B | C | C |
| +/- Category | -0.6% | 0.7% | -0.8% | -0.2% | 1.8% | -0.5% | 0.1% | -0.2% | 0.3% | -0.2% | 0.1% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (30% Rank) |
| Beta: | 0.77 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | None |
| Total Assets: | $13877 Mil |
| Fund Total Assets: | $2,071 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 15% |
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 7/31/26)
| # of Holdings: | 3036 |
| % in Top 10 Holdings: | 10.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.3% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | -0.9% |
| Cash: | 3.2% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 31, 2005 |
| 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 (%): | 0.44% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Fidelity Interm Muni Inc |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
