Summary

• Fidelity Limited Term Bond Fund is a shorter-duration investment-grade bond strategy, which is focused primarily on U.S. corporate credit.
• U.S. taxable investment-grade bonds posted a roughly break-even result in the first quarter, as measured by the Bloomberg U.S. Aggregate Bond Index.
• Headline inflation for January came in at 2.4%, the lowest reading since May 2025, while the jobs report showed solid January hiring.

Investment Approach

• Fidelity® Limited Term Bond Fund is a shorter-duration investment-grade bond strategy, which is focused primarily on U.S. corporate credit.
• The fund's primary benchmark is the Bloomberg U.S. 1-5 Year Government/Credit Bond Index. However, given the

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