Fidelity Advisor Short-Term Bond Fund - Class M FBNTX

Julian Potenza, comanager on Fidelity Short Term Bond, will step down from his portfolio management duties effective March 31, 2026, to join Fidelity’s core and core-plus team. Potenza joined the firm in 2007 as a financial sector credit analyst and has been a comanager on this fund since October 2017. While Potenza’s departure will be a blow to this team, it’s one the group is well-positioned to absorb as the firm works to identify a suitable replacement. Indeed, Fidelity has diligently built out this strategy’s management bench around stalwart manager Robert Galusza over the last several years. Two other managers—David DeBiase and John Mistovich—both with 15-plus years of experience at Fidelity, will continue to support four-decade veteran Galusza, reinforcing continuity. The managers will continue to draw on Fidelity’s extensive analyst group, including a 20-plus-person team of investment-grade credit analysts, as well as a bevy of structured-product analysts, quants, traders, and macro researchers. The strategy remains in capable hands and retains its Above Average People rating.