This
example
helps
compare the cost of investing in the fund with the cost of investing in other
funds.
Let's say, hypothetically, that the annual return for shares of
the fund is 5% and that the fees and the annual operating expenses for shares of
the fund are exactly as described in the fee table. This example illustrates the
effect of fees and expenses, but is not meant to suggest actual or expected fees
and expenses or returns, all of which may vary. For every $10,000 you invested,
here's how much you would pay in total expenses if you sell all of your shares
at the end of each time period indicated:
1
year |
$
|
12
|
3
years |
$
|
57
|
5
years |
$
|
147
|
10
years |
$
|
409
|
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of affiliated mutual funds but may incur transaction costs when
buying or selling non-affiliated funds and other types of securities (including
Exchange Traded Funds (ETFs)) directly (or "turns over" its portfolio).
A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when fund shares are held in a
taxable account. These costs, which are not reflected in annual operating
expenses or in the example, affect the fund's performance. During the most
recent fiscal year, the fund's portfolio turnover rate was
80
%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing primarily in U.S. dollar-denominated municipal money market
securities and high quality investment-grade municipal debt securities whose
interest is exempt from federal income tax (the "municipal strategy"). The
Adviser may invest all of the fund's assets in municipal securities whose
interest is subject to the federal alternative minimum tax.
- Potentially
investing in taxable money market securities when after-tax yields are viewed
as advantageous, taking into account the highest federal tax rates applicable
to investment income of individuals (together with the municipal strategy, the
"tax-sensitive" strategy) or for liquidity purposes.
- Normally
maintaining a dollar-weighted average maturity of three years or less.
- Allocating
assets across different market sectors and maturities.
- Potentially
investing more than 25% of total assets in municipal securities that finance
similar types of projects.
- Engaging
in transactions that have a leveraging effect on the fund, including
investments in derivatives - such as swaps (interest rate, total return, and
credit default) and futures contracts - and forward-settling securities, to
adjust the fund's risk exposure.
- Implementing
investment strategies by investing directly in securities through one or more
managers (sub-advisers) or indirectly in securities through one or more other
funds, referred to as underlying funds, which in turn invest directly in
securities (as described below).
- Allocating
assets among affiliated fixed-income funds (i.e.,
Fidelity®
funds, including mutual funds and ETFs), non-affiliated fixed-income funds
that participate in Fidelity's FundsNetwork®,
non-affiliated ETFs (collectively, underlying funds), and sub-advisers.
- Allocating
assets among underlying funds and sub-advisers with reference to the interest
rate risk of the Bloomberg Municipal Bond 1 Year (1-2 Y) Index (25%) and the
iMoneyNetSM
All Tax-Free National Retail Money Market Funds Average (75%).
- Allocating
assets among sub-advisers and underlying funds using proprietary fundamental
and quantitative research, considering factors including, but not limited to,
performance in different market environments, manager experience and
investment style, management company infrastructure, costs, asset size, and
portfolio turnover.
- Investing
in lower-quality debt securities (those of less than investment-grade quality,
also referred to as high yield debt securities or junk bonds).
- Analyzing
the credit quality of the issuer, the issuer's potential for success, the
credit, currency and economic risks of the security and its issuer,
security-specific features, current and potential future valuation, and
trading opportunities to select investments.
Pursuant
to an exemptive order granted by the Securities and Exchange Commission (SEC),
Strategic Advisers LLC (Strategic Advisers) is permitted, subject to the
approval of the Board of Trustees, to enter into new or amended sub-advisory
agreements with one or more unaffiliated sub-advisers without obtaining
shareholder approval of such agreements. Subject to oversight by the Board of
Trustees, Strategic Advisers has the ultimate responsibility to oversee the
fund's sub-advisers and recommend their hiring, termination, and replacement. In
the event the Board of Trustees approves a sub-advisory agreement with a new
unaffiliated sub-adviser, shareholders will be provided with information about
the new sub-adviser and sub-advisory agreement .
Principal
Investment Risks
- Multiple
Sub-Adviser Risk.
Separate
investment decisions and the resulting purchase and sale activities of the
fund's sub-advisers might adversely affect the fund's performance or lead to
disadvantageous tax consequences.
- Investing
in Other Funds.
Regulatory
restrictions may limit the amount that one fund can invest in another, which
means that the fund's manager may not be able to invest as much as it wants to
in some other funds. The fund bears all risks of investment strategies employed
by the underlying funds, including the risk that the underlying funds will not
meet their investment objectives. Underlying funds that are passively managed
attempt to track the performance of an unmanaged index of securities and as such
their performance could be lower than actively managed funds, which may shift
their portfolio assets to take advantage of market opportunities or lessen the
impact of a market decline. In addition, errors in the construction of the index
tracked by an underlying passively managed fund may have an adverse impact on
the performance of such underlying fund.
- Municipal
Market Volatility.
The
municipal market is volatile and can be significantly affected by adverse tax,
legislative, or political changes and the financial condition of the issuers of
municipal securities.
Interest
rate increases can cause the price of a debt or money market security to
decrease.
A
low or negative interest rate environment can adversely affect an underlying
fund's yield.
The
ability of an issuer of a debt security to repay principal prior to a security's
maturity can cause greater price volatility if interest rates change.
The
value of an individual security or particular type of security can be more
volatile than, and can perform differently from, the market as a whole.
A
decline in the credit quality of an issuer or a provider of credit support or a
maturity-shortening structure for a security can cause the price of a security
to decrease.
Leverage
can increase market exposure, magnify investment risks, and cause losses to be
realized more quickly.
ETFs
may trade in the secondary market at prices below the value of their underlying
portfolios and may not be liquid. ETFs that track an index are subject to
tracking error and may be unable to sell poorly performing assets that are
included in their index or other benchmark.
Securities
selected using quantitative analysis can perform differently from the market as
a whole as a result of the factors used in the analysis, the weight placed on
each factor, and changes in the factors' historical trends.
An
investment in the fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency .
You
could lose money by investing in the fund.
Unlike
individual debt securities, which typically pay principal at maturity, the value
of an investment in the fund will fluctuate.
Performance
The
following information is intended to help you understand the risks of investing
in the fund.
The
information illustrates the changes in the performance of the fund's shares from
year to year and compares the performance of the fund's shares to the
performance of a securities market index and a hypothetical composite of market
indexes over various periods of time. The
indexes have characteristics relevant to the fund's investment strategies. Index
descriptions appear in the "Additional Index Information" section of the
prospectus. Past
performance (before and after taxes) is not an indication of future
performance.
Visit
www.fidelity.com
for
more recent performance information.
Year-by-Year
Returns
|
|
|
|
|
|
2018
|
2019
|
2020
|
2021
|
2022
|
|
|
|
|
|
|
1.50 %
|
2.10 %
|
1.31 %
|
0.24 %
|
-
0.09 %
|
During
the periods shown in the chart: |
Returns
|
Quarter
ended |
Highest
Quarter Return |
1.02
%
|
December
31, 2022 |
Lowest
Quarter Return |
-
0.99 %
|
March
31, 2022 |
Year-to-Date
Return |
1.48
%
|
June
30, 2023 |
Average
Annual Returns
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates, but do not reflect the impact of state or local taxes.
Actual
after-tax returns may differ depending on your individual circumstances.
Return
After Taxes on Distributions and Sale of Fund Shares may be higher than other
returns for the same period due to a tax benefit of realizing a capital loss
upon the sale of fund shares.
For
the periods ended December 31, 2022 |
Past
1
year
|
Past
5
years
|
Life
of
fund
A
|
Strategic
Advisers® Tax-Sensitive Short Duration Fund |
|
|
|
Return
Before Taxes |
-
0.09
%
|
1.01
%
|
%
|
Return
After Taxes on Distributions |
-
0.13
%
|
0.97
%
|
%
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
0.36
%
|
1.02
%
|
%
|
Bloomberg
Municipal Bond 1 Year (1-2 Y) Index
(reflects
no deduction for fees, expenses, or taxes) |
-
1.13
%
|
1.02
%
|
%
|
Strategic
Advisers Tax Sensitive Short Duration Composite Index
(reflects
no deduction for fees, expenses, or taxes) |
0.58
%
|
1.00
%
|
%
|
|
|
|
|
Investment
Adviser
Strategic
Advisers (the Adviser) is the fund's manager. Allspring Global Investments, LLC,
FIAM LLC, and T. Rowe Price Associates, Inc. have been retained to serve as
sub-advisers for the fund.
FMR
Investment Management (UK) Limited (FMR UK), Fidelity Management & Research
(Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan)
Limited (FMR Japan) have been retained to serve as sub-subadvisers for the
fund.
The
Adviser may change a sub-adviser's asset allocation at any time, including
allocating no assets to, or terminating the sub-advisory contract with, a
sub-adviser.
Portfolio
Manager(s)
Chris
Heavey (Lead Portfolio Manager) has managed the fund since 2017.
Jonathan
Duggan (Co-Portfolio Manager) has managed the fund since 2019.
Purchase
and Sale of Shares
The
fund is not available for sale to the general public.
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
There
is no purchase minimum for fund shares.
Tax
Information
The
fund pays dividends that are exempt from federal income tax derived from its
investments in municipal money market securities and municipal debt securities.
Income exempt from federal income tax may be subject to state or local tax, or
to the federal alternative minimum tax. In connection with its "tax-sensitive"
strategy, or for liquidity purposes, the fund may make investments that are
subject to federal and state income taxes. You may also receive taxable
distributions attributable to the fund's sale of municipal bonds.
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Strategic
Advisers® Tax-Sensitive Short Duration Fund seeks to provide a high level of
after-tax income consistent with preservation of capital.
Principal
Investment Strategies
The
Adviser normally invests the fund's assets primarily in U.S. dollar-denominated
municipal money market securities and high quality investment-grade municipal
debt securities whose interest is exempt from federal income tax (the "municipal
strategy"). The Adviser may invest all of the fund's assets in municipal
securities whose interest is subject to the federal alternative minimum tax.
Additionally, the fund may invest in taxable money market securities when
after-tax yields are viewed as advantageous (together with the municipal
strategy, the "tax-sensitive" strategy).
In
addition, the fund normally maintains a dollar-weighted average maturity of
three years or less. As of May 31, 2023, the fund's dollar-weighted average
maturity was approximately 1.2 years and the index's dollar-weighted average
maturity was approximately 0.4 years. In determining a security's maturity for
purposes of calculating the fund's average maturity, an estimate of the average
time for its principal to be paid may be used. This can be substantially shorter
than its stated maturity.
The
Adviser allocates the fund's assets among different market sectors (for example,
general obligation bonds of a state or bonds financing a specific project) and
different maturities based on its view of the relative value of each sector or
maturity.
The
Adviser may invest more than 25% of the fund's total assets in municipal
securities that finance similar projects, such as those relating to education,
health care, transportation, and utilities.
The
fund may engage in transactions that have a leveraging effect, including
investments in derivatives, regardless of whether it may own the asset,
instrument, or components of the index underlying the derivative, and
forward-settling securities. The fund may invest a significant portion of its
assets in these types of investments. The fund's derivative investments may
include interest rate swaps, total return swaps, credit default swaps, and
futures contracts (both long and short positions) on securities and indexes. The
fund may engage in these transactions to increase or decrease its exposure to
changing security prices, interest rates, credit qualities, or other factors
that affect security values, or to gain or reduce exposure to an asset,
instrument, or index.
The
Adviser may also invest the fund's assets in lower-quality debt securities
(those of less than investment-grade quality, also referred to as high yield
debt securities or junk bonds).
The
fund implements its investment strategies by investing directly in securities
through one or more sub-advisers or indirectly in securities through one or more
underlying funds, which in turn invest directly in securities.
The
Adviser may allocate the fund's assets among any number of underlying funds or
sub-advisers at any time. The Adviser may adjust allocations among underlying
funds or sub-advisers from time to time, including making no allocation at all
to one or more sub-advisers.
The
Adviser allocates the fund's assets among underlying funds and sub-advisers with
reference to the interest rate risk of the composite benchmark consisting of
Bloomberg Municipal Bond 1 Year (1-2 Y) Index (25%) and the iMoneyNet
SM;
All
Tax-Free National Retail Money Market Funds Average (75%).
The
Adviser pursues a disciplined, benchmark-driven approach to portfolio
construction, and monitors and adjusts allocations to underlying funds and
sub-advisers as necessary to favor those underlying funds and sub-advisers that
the Adviser believes will provide the most favorable outlook for achieving the
fund's investment objective.
When
determining how to allocate the fund's assets among sub-advisers and underlying
funds, the Adviser uses proprietary fundamental and quantitative research,
considering factors including, but not limited to, performance in different
market environments, manager experience and investment style, management company
infrastructure, costs, asset size, and portfolio turnover.
The
fund may invest in affiliated fixed-income funds ( i.e.,
Fidelity
®
funds,
including mutual funds and ETFs), non-affiliated fixed-income funds that
participate in Fidelity's FundsNetwork ®
and
in non-affiliated ETFs. Underlying funds include both funds managed by Fidelity
Management & Research Company LLC (FMR) (an affiliated company that,
together with the Adviser, is part of Fidelity Investments) or an affiliate and
funds managed by investment advisers other than Fidelity. Fidelity may receive
service fees that typically are at an annual rate of up to 0.40% of a
non-affiliated underlying fund's average daily net assets attributable to
purchases through Fidelity's FundsNetwork ®
,
though such fees may be higher or lower, or may be charged as transaction and/or
account fees. In addition, the fund may invest in ETFs in transactions not
occurring through Fidelity's FundsNetwork ®
.
The
Adviser generally identifies fixed-income funds by reference to a fund's name,
policies, or classification by a third-party ranking or ratings organization. In
identifying short-term fixed-income funds, the Adviser generally refers to a
fixed-income fund's most recent publicly disclosed dollar-weighted average
maturity.
The
Adviser may actively adjust the allocation of the fund's assets at any time. For
current information on fund holdings, please call 1-800-544-3455 or visit
Fidelity's web site at www.fidelity.com. For information on the underlying
funds, see the underlying funds' prospectuses. A copy of any underlying
Fidelity ®
fund's
prospectus is available at www.fidelity.com or institutional.fidelity.com. For a
copy of any other underlying fund's prospectus, visit the web site of the
company that manages or sponsors that underlying fund.
It
is not possible to predict the extent to which the fund's assets will be
invested by a particular sub-adviser at any given time and one or more
sub-advisers may not be managing any assets for the fund at any given
time.
To
select investments, a sub-adviser may analyze the credit quality of the issuer,
security-specific features, current valuation relative to alternatives in the
market, short-term trading opportunities resulting from market inefficiencies,
and potential future valuation. In managing the fund's exposure to various
risks, including interest rate risk, a sub-adviser may consider, among other
things, the market's overall risk characteristics, the market's current pricing
of those risks, and internal views of potential future market conditions.
The
fund's initial shareholder approved a proposal permitting the Adviser to enter
into new or amended sub-advisory agreements with one or more unaffiliated
sub-advisers without obtaining shareholder approval of such agreements, subject
to conditions of an exemptive order that has been granted by the SEC (Exemptive
Order). One of the conditions of the Exemptive Order requires the Board of
Trustees to approve any such agreement. Subject to oversight by the Board of
Trustees, the Adviser has the ultimate responsibility to oversee the fund's
sub-advisers and recommend their hiring, termination, and replacement. In the
event the Board of Trustees approves a sub-advisory agreement with a new
unaffiliated sub-adviser, shareholders will be provided with information about
the new sub-adviser and sub-advisory agreement within ninety days of
appointment.
Description
of Principal Security Types
In
addition to investing in underlying funds, the fund may invest directly in the
following principal security types:
Debt
securities are
used by issuers to borrow money. The issuer usually pays a fixed, variable, or
floating rate of interest, and must repay the amount borrowed, usually at the
maturity of the security. Some debt securities, such as zero coupon bonds,
do not pay current interest but are sold at a discount from their face values.
Municipal debt securities include 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 other securities
believed to have debt-like characteristics, including hybrids and synthetic
securities.
Money
market securities are
high-quality, short-term securities that pay a fixed, variable, or floating
interest rate. Securities are often specifically structured so that they are
eligible investments for a money market fund. For example, in order to satisfy
the maturity restrictions for a money market fund, some money market securities
have demand or put features, which have the effect of shortening the security's
maturity. Money market securities include bank certificates of deposit, bankers'
acceptances, bank time deposits, notes, commercial paper, and U.S. Government
securities. Certain issuers of U.S. Government securities, including Fannie
Mae, Freddie Mac, and the Federal Home Loan Banks, are sponsored or chartered by
Congress but their securities are neither issued nor guaranteed by the U.S.
Treasury.
Municipal
securities are
issued to raise money for a variety of public and private purposes, including
general financing for state and local governments, or financing for a specific
project or public facility. Municipal securities may be fully or partially
backed by the local government, by the credit of a private issuer, by the
current or anticipated revenues from a specific project or specific assets, or
by domestic or foreign entities providing credit support such as letters of
credit, guarantees, or insurance.
Derivatives
are
investments whose values are tied to an underlying asset, instrument, currency,
or index. Derivatives include futures, options, forwards, and swaps, such
as interest rate swaps (exchanging a floating rate for a fixed rate), total
return swaps (exchanging a floating rate for the total return of an index,
security, or other instrument or investment) and credit default swaps (buying or
selling credit default protection).
Forward-settling
securities
involve
a commitment to purchase or sell specific securities when issued, or at a
predetermined price or yield. Payment and delivery take place after the
customary settlement period.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's share price changes daily
based on the performance of the underlying funds and securities in which it
invests and on changes in market conditions and interest rates and in response
to other economic, political, or financial developments. The fund's reaction to
these developments will be affected by the types of underlying funds and
securities in which the fund invests, the financial condition, industry and
economic sector, and geographic location of an issuer, and the fund's level of
investment in the securities of that underlying fund or issuer.
If
the Adviser's or a sub-adviser's allocation strategies do not work as intended,
the fund may not achieve its objective. A portfolio manager's evaluations and
assumptions in selecting underlying funds or individual securities may be
incorrect in view of actual market conditions.
When
your shares are sold they may be worth more or less than what you paid for them,
which means that you could lose money by investing in the fund.
The
following factors can significantly affect the fund's performance:
Multiple
Sub-Adviser Risk .
Because each sub-adviser manages its allocated portion, if any, independently
from another sub-adviser, it is possible that the sub-advisers' security
selection processes may not complement one another. As a result, the fund's
aggregate exposure to a particular industry or group of industries, or to a
single issuer, could unintentionally be larger or smaller than intended. Because
each sub-adviser directs the trading for its own portion, if any, of the fund,
and does not aggregate its transactions with those of the other sub-advisers,
the fund may incur higher brokerage costs than would be the case if a single
sub-adviser were managing the entire fund.
Investing
in Other Funds. Regulatory
restrictions may limit the amount that one fund can invest in another, and in
certain cases further limit investments to the extent a fund's shares are
already held by the Adviser or its affiliates. The fund bears all risks of
investment strategies employed by the underlying funds. The fund does not
control the investments of the underlying funds, which may have different
investment objectives and may engage in investment strategies that the fund
would not engage in directly. Aggregation of underlying fund holdings may result
in indirect concentration of assets in a particular industry or group of
industries, or in a single issuer, which may increase volatility. Some of the
underlying funds in which the fund invests are managed with a passive investment
strategy, attempting to track the performance of an unmanaged index of
securities, regardless of the current or projected performance of an underlying
fund's index or of the actual securities included in the index. This differs
from an actively managed fund, which typically seeks to outperform a benchmark
index. As a result, the performance of these underlying passively managed funds
could be lower than actively managed funds that may shift their portfolio assets
to take advantage of market opportunities or lessen the impact of a market
decline or a decline in the value of one or more issuers. In addition, errors in
the construction or calculation of the index tracked by an underlying passively
managed fund may occur from time to time and may not be identified and corrected
for some period of time, which may have an adverse impact on the performance of
the underlying fund and its shareholders.
Municipal
Market Volatility.
Municipal
securities can be significantly affected by political changes as well as
uncertainties in the municipal market related to taxation, legislative changes,
or the rights of municipal security holders. Because many municipal securities
are issued to finance similar projects, especially those relating to education,
health care, transportation, and utilities, conditions in those sectors can
affect the overall municipal market. Budgetary constraints of local, state, and
federal governments upon which the issuers may be relying for funding may also
impact municipal securities. In addition, changes in the financial condition of
an individual municipal insurer can affect the overall municipal market, and
market conditions may directly impact the liquidity and valuation of municipal
securities.
Interest
Rate Changes. Debt
securities, including money market securities, have varying levels of
sensitivity to changes in interest rates. In general, the price of a debt
security can fall when interest rates rise and can rise when interest rates
fall. Securities with longer maturities can be more sensitive to interest rate
changes, meaning the longer the maturity of a security, the greater the impact a
change in interest rates could have on the security's price. Short-term and
long-term interest rates do not necessarily move in the same amount or the same
direction. Short-term securities tend to react to changes in short-term interest
rates, and long-term securities tend to react to changes in long-term interest
rates. Securities with floating interest rates can be less sensitive to interest
rate changes, but may decline in value if their interest rates do not rise as
much as interest rates in general. Securities whose payment at maturity is based
on the movement of all or part of an index and inflation-protected debt
securities may react differently from other types of debt securities. In market
environments where interest rates are rising, issuers may be less willing or
able to make principal and/or interest payments on securities when due. Although
the transition process away from certain benchmark rates, including London
Interbank Offered Rate (LIBOR) (an indicative measure of the average interest
rate at which major global banks could borrow from one another), has become
increasingly well-defined, any potential effects of the transition away from
LIBOR
and
other benchmark rates on financial markets, a fund or the financial instruments
in which a fund invests can be difficult to ascertain and may adversely impact a
fund's performance.
Prepayment.
Many
types of debt securities, including mortgage securities, are subject to
prepayment risk. Prepayment risk occurs when the issuer of a security can repay
principal prior to the security's maturity. Securities subject to prepayment can
offer less potential for gains during a declining interest rate environment and
similar or greater potential for loss in a rising interest rate environment. In
addition, the potential impact of prepayment features on the price of a debt
security can be difficult to predict and result in greater volatility.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's credit quality or value. Entities providing credit support or a
maturity-shortening structure also can be affected by these types of changes,
and if the structure of a security fails to function as intended, the security
could decline in value. Lower-quality debt securities (those of less than
investment-grade quality, also referred to as high yield debt securities or junk
bonds) and certain types of other securities tend to be particularly sensitive
to these changes. Municipal securities backed by current or anticipated revenues
from a specific project or specific assets can be negatively affected by the
discontinuance of the taxation supporting the project or assets or the inability
to collect revenues for the project or from the assets. If the Internal Revenue
Service (IRS) determines an issuer of a municipal security has not complied with
applicable tax requirements, interest from the security could become taxable and
the security could decline significantly in value.
Generally,
the fund purchases municipal securities whose interest, in the opinion of bond
counsel, is free from federal income tax. Neither the Adviser nor the fund
guarantees that this opinion is correct, and there is no assurance that the IRS
will agree with bond counsel's opinion. Issuers or other parties generally enter
into covenants requiring continuing compliance with federal tax requirements to
preserve the tax- free status of interest payments over the life of the
security. If at any time the covenants are not complied with, or if the IRS
otherwise determines that the issuer did not comply with relevant tax
requirements, interest payments from a security could become federally taxable,
possibly retroactively to the date the security was issued. For certain types of
structured securities, the tax status of the pass- through of tax- free income
may also be based on the federal tax treatment of the structure.
Leverage
Risk. Derivatives
and forward-settling securities involve leverage because they can provide
investment exposure in an amount exceeding the initial investment. Leverage can
magnify investment risks and cause losses to be realized more quickly. A small
change in the underlying asset, instrument, or index can lead to a significant
loss. Forward-settling securities also involve the risk that a security will not
be issued, delivered, or paid for when anticipated. Government legislation or
regulation could affect the use of these transactions and could limit a fund's
ability to pursue its investment strategies.
Investing
in ETFs. ETFs
may trade in the secondary market ( e.g.
,
on a stock exchange) at prices below the value of their underlying portfolios
and may not be liquid. An ETF that is not actively managed cannot sell poorly
performing stocks or other assets as long as they are represented in its index
or other benchmark. ETFs that track an index are subject to tracking error risk
(the risk of errors in matching the ETF's underlying assets to its index or
other benchmark).
Quantitative
Investing. The
value of securities selected using quantitative analysis can react differently
to issuer, political, market, and economic developments than the market as a
whole or securities selected using only fundamental analysis. The factors used
in quantitative analysis and the weight placed on those factors may not be
predictive of a security's value. In addition, factors that affect a security's
value can change over time and these changes may not be reflected in the
quantitative model.
Income
Risk .
An underlying fund's income, or yield, is based on short-term interest rates,
which can fluctuate significantly over short periods. A low or negative interest
rate environment can adversely affect an underlying fund's yield and, depending
on its duration and severity, could prevent the underlying fund from providing a
positive yield. In addition, an underlying fund's yield will vary as the
short-term securities in its portfolio mature and the proceeds are reinvested in
securities with different interest rates. From time to time, the underlying
fund's adviser may reimburse expenses or waive fees for a class of an underlying
fund in order to avoid a negative yield, but there is no guarantee that the
class or fund will be able to avoid a negative yield.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance, and the fund could
distribute income subject to federal income tax.
Strategic
Advisers ®
Tax-Sensitive
Short Duration Fund reserves the right to invest without limitation in
investment-grade money market or short- term debt instruments, to hold a
substantial amount of uninvested cash, or to invest in federally taxable
obligations to a greater extent than normally contemplated by the fund's
"tax-sensitive" strategy for temporary, defensive purposes.
Other
Investment Strategies
In
addition, the fund may have indirect exposure to derivatives through its
investments in underlying funds.
Non-Fundamental
Investment Policies
The
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
The
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing
NAV.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the SEC.
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
Shares
of underlying funds (other than ETFs) are valued at their respective NAVs. NAV
is calculated using the values of the underlying funds in which the fund
invests. For an explanation of the circumstances under which the underlying
funds will use fair value pricing and the effects of using fair value pricing,
see the underlying funds' prospectuses and Statements of Additional Information
(SAIs). Other assets (including securities issued by ETFs) are valued primarily
on the basis of market quotations, official closing prices, or information
furnished by a pricing service. Certain short-term securities are valued on the
basis of amortized cost. If market quotations, official closing prices, or
information furnished by a pricing service are not readily available or, in the
Adviser's opinion, are deemed unreliable for a security, then that security will
be fair valued in good faith by the Adviser in accordance with applicable fair
value pricing policies. For example, if, in the Adviser's opinion, a security's
value has been materially affected by events occurring before a fund's pricing
time but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies. Fair value
pricing will be used for high yield debt securities when available pricing
information is determined to be stale or for other reasons not to accurately
reflect fair value.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets, if applicable, present
time zone arbitrage opportunities when events affecting portfolio security
values occur after the close of the overseas markets but prior to the close of
the U.S. market. Fair valuation of a fund's portfolio securities can serve to
reduce arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Shares
can be purchased only through certain discretionary investment programs offered
by the Adviser or its affiliates. If you are not currently a client of a
Fidelity discretionary investment program, please call 1-800-544-3455 (9:00 a.m.
- 6:00 p.m. Eastern time, Monday through Friday) for more information.
Additional fees apply for discretionary investment programs. For more
information on these fees, please refer to the "Buying and Selling Information"
section of the SAI.
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase orders.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Because
investments in the fund can only be made by the Adviser or an affiliate on
behalf of its clients, the potential for excessive or short-term disruptive
purchases and sales is reduced. Accordingly, the Board of Trustees has not
adopted policies and procedures designed to discourage excessive trading of fund
shares and the fund accommodates frequent trading.
The
fund does not place a limit on purchases or sales of fund shares by the Adviser
or its affiliates. The fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, the
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United States.
Shares
are available only to certain discretionary investment programs offered by the
Adviser or its affiliates.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Provided
the fund receives an order to buy shares in proper form before the close of
business, the fund may place an order to buy shares of an underlying
Fidelity ®
fund
after the close of business, pursuant to a pre-determined allocation, and
receive that day's NAV.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be withheld.
Selling
Shares
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
Provided
the fund receives an order to sell shares in proper form before the close of
business, the fund may place an order to sell shares of an underlying
Fidelity ®
fund
after the close of business, pursuant to a pre-determined allocation, and
receive that day's NAV.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other than
weekends or holidays), when trading on the NYSE is restricted, or as permitted
by the SEC.
Redemption
proceeds may be paid in underlying fund shares, securities, or other property
rather than in cash if the Adviser determines it is in the best interests of the
fund.
Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
Shares
of the fund are only available to certain discretionary investment programs
offered by the Adviser or its affiliates.
If
your account is held directly with a fund ,
the
length of time that a fund typically expects to pay redemption proceeds depends
on the method you have elected to receive such proceeds. A fund typically
expects to make payment of redemption proceeds by wire, automated clearing house
(ACH) or by issuing a check by the next business day following receipt of a
redemption order in proper form. Proceeds from the periodic and automatic sale
of shares of a Fidelity ®
money
market fund that are used to buy shares of another Fidelity ®
fund
are settled simultaneously.
If
your account is held through an intermediary ,
the
length of time that a fund typically expects to pay redemption proceeds depends,
in part, on the terms of the agreement in place between the intermediary and a
fund. For redemption proceeds that are paid either directly to you from a fund
or to your intermediary for transmittal to you, a fund typically expects to make
payments by wire, by ACH or by issuing a check on the next business day
following receipt of a redemption order in proper form from the intermediary by
a fund. Redemption orders that are processed through investment professionals
that utilize the National Securities Clearing Corporation will generally settle
one to three business days following receipt of a redemption order in proper
form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity ®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a fund.
When
your relationship with your managed account provider is terminated, your shares
may be sold at the discretion of the managed account provider at the NAV next
calculated after the sell order is placed, in which case the redemption proceeds
will remain in your account pending your instruction.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally declares dividends and pays capital gain distributions per the
tables below:
Fund
Name |
Dividends
Paid |
Strategic
Advisers® Tax-Sensitive Short Duration Fund |
Declares
daily and pays monthly |
Fund
Name |
Capital
Gains Paid |
Strategic
Advisers® Tax-Sensitive Short Duration Fund |
July,
December |
Distribution
Options
Any
dividends and capital gain distributions may be reinvested in additional shares
or paid in cash.
As
with any investment, your investment in the fund could have tax consequences for
you.
Taxes
on Distributions
The
fund pays dividends that are exempt from federal income tax derived from its
investments in municipal money market securities and municipal debt securities.
Income exempt from federal income tax may be subject to state or local tax or to
the federal alternative minimum tax. In connection with its "tax-sensitive"
strategy, a portion of the dividends you receive may be subject to federal and
state income taxes. You may also receive taxable distributions attributable to
the fund's sale of municipal bonds.
For
federal tax purposes, certain distributions, including distributions of
short-term capital gains and gains on the sale of bonds characterized as market
discount, are taxable to you as ordinary income, while certain distributions of
long-term capital gains are taxable to you generally as capital gains.
If
the Adviser buys shares on your behalf when a fund has realized but not yet
distributed income or capital gains, you will be "buying a dividend" by paying
the full price for the shares and then receiving a portion of the price back in
the form of a taxable distribution.
Any
taxable distributions you receive from the fund will normally be taxable to
you when you receive them, regardless of your distribution option.
Taxes
on Transactions
Your
redemptions may result in a capital gain or loss for federal tax purposes. A
capital gain or loss on your investment in the fund generally is the difference
between the cost of your shares and the price you receive when you sell
them.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
The
fund employs a multi-manager and a fund of funds investment structure. The
Adviser may allocate the fund's assets among any number of sub-advisers or
underlying funds. The Adviser may adjust allocations among underlying funds or
sub-advisers from time to time, including making no allocation to, or
terminating the sub-advisory contract with, a sub-adviser.
Adviser
Strategic
Advisers LLC.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $632.6 billion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
Allspring
Global Investments, LLC (Allspring Investments) ,
at 1415 Vantage Park Drive, Charlotte, North Carolina, 28203, has been retained
to serve as a sub-adviser for the fund. As of March 31, 2023, Allspring
Investments had approximately $372.5 billion in assets under management.
FIAM
LLC (FIAM) ,
at 900 Salem Street, Smithfield, Rhode Island 02917, has been retained to serve
as a sub-adviser for the fund. FIAM is an affiliate of Strategic Advisers. As of
December 31, 2022, FIAM had approximately $152.3 billion in discretionary assets
under management.
Other
investment advisers have been retained to assist FIAM with foreign
investments:
- FMR
UK,
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, has been
retained to serve as a sub-subadviser for the fund. As of December 31, 2022,
FMR UK had approximately $14.7 billion in discretionary assets under
management. FMR UK may provide investment research and advice on issuers based
outside the United States and may also provide investment advisory services
for the fund. FMR UK is an affiliate of both FIAM and the Adviser.
- FMR
H.K.,
at Floor 19, 41 Connaught Road Central, Hong Kong, has been retained to serve
as a sub-subadviser for the fund. As of December 31, 2022, FMR H.K. had
approximately $21.4 billion in discretionary assets under management. FMR H.K.
may provide investment research and advice on issuers based outside the United
States and may also provide investment advisory services for the fund. FMR
H.K. is an affiliate of both FIAM and the Adviser.
- FMR
Japan,
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
has been retained to serve as a sub-subadviser for the fund. As of March 31,
2023, FMR Japan had approximately $2.9 billion in discretionary assets under
management. FMR Japan may provide investment research and advice on issuers
based outside the United States and may also provide investment advisory
services for the fund. FMR Japan is an affiliate of both FIAM and the
Adviser.
T.
Rowe Price Associates, Inc. (T. Rowe Price) ,
at 100 East Pratt Street, Baltimore, Maryland 21202, has been retained to serve
as a sub-adviser for the fund. As of March 31, 2023, T. Rowe Price had
approximately $1.34 trillion in assets under management.
Portfolio
Manager(s)
Chris
Heavey is Lead Portfolio Manager of Strategic Advisers ®
Tax-Sensitive
Short Duration Fund, which he has managed since 2017. He also manages other
funds. Since joining Fidelity Investments in 1998, Mr. Heavey has worked as a
senior research analyst and portfolio manager.
Jonathan
Duggan is Co-Portfolio Manager of Strategic Advisers ®
Tax-Sensitive
Short Duration Fund, which he has managed since 2019. He also manages other
funds. Since joining Fidelity Investments in 2007, Mr. Duggan has worked as team
leader of fixed income research and portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
fund's management fee is calculated by adding the annual rate of 0.25% of the
fund's average daily net assets throughout the month plus the total fees payable
monthly to the fund's sub-advisers, if any, pursuant to the applicable
investment sub-advisory agreement(s).
Because
the fund's management fee rate may fluctuate, the fund's management fee may be
higher or lower in the future.
The
fund's maximum aggregate annual management fee will not exceed 0.55% of the
fund's average daily net assets.
The
Adviser has contractually agreed to waive a portion of the fund's management fee
in an amount equal to 0.25% of the fund's average daily net assets through
September 30, 2025.
The
management fee paid, as a percentage of a fund's average net assets, for the
fiscal year ended May 31, 2023, is shown in the following table:
Fund
|
Management
Fee Rate |
Strategic
Advisers® Tax-Sensitive Short Duration Fund |
0.07%*
|
*After
waiver and/or reimbursement
In
return for the services of the fund's sub-advisers, the Adviser will pay each of
the fund's sub-advisers the fee (as described above) payable to that
sub-adviser.
FIAM,
in turn, will pay FMR H.K., FMR Japan, and FMR UK for providing sub-subadvisory
services.
The
basis for the Board of Trustees approving the management contract, sub-advisory
agreements, and sub-subadvisory agreements for the fund is available in the
fund's semi-annual report for the fiscal period ended November 30, 2022, and
will be included in the fund's semi-annual report for the fiscal period ended
November 30, 2023, when available.
FDC
distributes the fund's shares.
Distribution
and Service Plan(s)
The
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 (1940 Act) with respect to its shares that
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in the sale of
shares of the fund and/or shareholder support services. The Adviser, directly or
through FDC, may pay significant amounts to intermediaries that provide those
services. Currently, the Board of Trustees of the fund has authorized such
payments for shares of the fund.
Affiliates
of the Adviser may receive service fees or distribution fees or both with
respect to underlying funds that participate in Fidelity's FundsNetwork
®
.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the fund's assets on an
ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
Strategic
Advisers® Tax-Sensitive Short Duration Fund |
|
Years
ended May 31, |
|
2023
|
|
2022
|
|
2021
|
|
2020
|
|
2019
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
9.92
|
$
|
10.05
|
$
|
10.02
|
$
|
10.03
|
$
|
9.99
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A,B
|
|
.190
|
|
.044
|
|
.067
|
|
.159
|
|
.174
|
Net
realized and unrealized gain (loss) |
|
.001
C
|
|
(.130)
|
|
.034
|
|
(.006)
|
|
.042
|
Total
from investment operations |
|
.191
|
|
(.086)
|
|
.101
|
|
.153
|
|
.216
|
Distributions
from net investment income |
|
(.191)
|
|
(.044)
|
|
(.070)
|
|
(.159)
|
|
(.173)
|
Distributions
from net realized gain |
|
-
|
|
-
|
|
(.001)
|
|
(.004)
|
|
(.003)
|
Total
distributions |
|
(.191)
|
|
(.044)
|
|
(.071)
|
|
(.163)
|
|
(.176)
|
Net
asset value, end of period |
$
|
9.92
|
$
|
9.92
|
$
|
10.05
|
$
|
10.02
|
$
|
10.03
|
Total
Return
D,E
|
|
1.94%
|
|
(.85)%
|
|
1.01%
|
|
1.53%
|
|
2.19%
|
Ratios
to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.32%
|
|
.32%
|
|
.33%
|
|
.34%
|
|
.37%
|
Expenses
net of fee waivers, if any |
|
.07%
|
|
.07%
|
|
.08%
|
|
.09%
|
|
.12%
|
Expenses
net of all reductions |
|
.07%
|
|
.07%
|
|
.08%
|
|
.09%
|
|
.12%
|
Net
investment income (loss) |
|
1.92%
|
|
.44%
|
|
.66%
|
|
1.59%
|
|
1.74%
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
4,111,702
|
$
|
4,559,412
|
$
|
5,389,558
|
$
|
3,368,491
|
$
|
3,415,877
|
Portfolio
turnover rate H
|
|
80%
|
|
53%
|
|
86%
|
|
81%
|
|
57%
|
A Calculated
based on average shares outstanding during the period.
B Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
C The
amount shown for a share outstanding does not correspond with the aggregate net
gain (loss) on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
D Total
returns for periods of less than one year are not annualized.
E Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
G Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
H Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
iMoneyNet
SM
All
Tax-Free National Retail Money Market Funds Average reflects
the performance of mutual funds with similar objectives tracked by iMoneyNet,
Inc.
Bloomberg
Municipal Bond 1 Year (1-2 Y) Index
is
a market value-weighted index of investment-grade fixed-rate municipal bonds
with maturities between one and two years.
Strategic
Advisers Tax Sensitive Short Duration Composite Index SM
is
a customized blend of unmanaged indices, weighted as follows: iMoneyNet
SM
All
Tax-Free National Retail Money Market Funds Average - 75% and Bloomberg
Municipal Bond 1 Year (1-2Y) Index - 25%.
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account. For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license. For
investors other than individuals:
When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the entity.
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You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports also include additional
information. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-800-544-3455. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other information.
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
Investment
Company Act of 1940, File Number(s), 811-21991
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Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
1.9885901.106
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TSS-PRO-0723
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