Strategic Advisers Tx-Snstv Shrt Dur (Strategic Advisers Tax-Sensitiv) Fonds

The fund normally invests 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"). It maintains a dollar-weighted average maturity of three years or less. The fund allocates assets among affiliated fixed-income funds and non-affiliated fixed-income funds that typically participate in Fidelity's FundsNetwork ®, non-affiliated ETFs (collectively, underlying funds), and sub-advisers.