Fidelity Advisor Limited Term Bond I EFIPX

Effective Feb. 28, 2024, Fidelity Limited Term Bond Fund and Fidelity Limited Term Bond ETF will modify their investment strategies to allow each fund the ability to invest up to 20% of assets in non-investment-grade securities from their current 5% limit. The funds' internal composite benchmark (80% Bloomberg US 1-5 Year Credit Bond Index and 20% Bloomberg US 1-5 Year Government Bond Index), which defines their neutral allocations, will be modified to add a 10% high-yield component and reduce the investment-grade credit stake to 70%. Increasing the high-yield credit guardrails gives this team more flexibility but could result in slightly higher volatility compared with its historical risk profile. In response, the team is adding Alexandre Karam as a comanager for each of the funds to oversee the high-yield sleeve. With more than a decade of experience, Karam joined Fidelity in 2016 and is currently a portfolio manager on the firm’s high-income division. This mandate change and additional named comanager do not alter our view; both funds retain their Above Average People and Process ratings.