$FMBX

Fidelity's Limited Term Municipal Income Fund provides insights into its performance in Q4 2025, highlighting its focus on maintaining a stable yield while navigating fluctuating interest rates. The commentary indicates a challenging environment for municipal bonds but reflects optimism for select sectors within the market. The fund's managers emphasize their strategy of investing in higher credit quality issuers to mitigate risks. Yield spreads for municipal bonds are noted to be wider than historical averages, suggesting potential opportunities. Overall, the commentary projects cautious optimism amidst economic uncertainties.