Strategy. Normally investing in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Investing in domestic and foreign issuers. Normally maintaining a dollar-weighted average maturity of three years or less. 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), options, 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 mutual funds and exchange-traded funds (collectively, underlying funds), which in turn invest directly in securities (as described below). Allocating assets to affiliated or … Show more… Normally investing in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. Investing in domestic and foreign issuers. Normally maintaining a dollar-weighted average maturity of three years or less. 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), options, 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 mutual funds and exchange-traded funds (collectively, underlying funds), which in turn invest directly in securities (as described below). Allocating assets to affiliated or unaffiliated sub-advisers and funds but normally allocating assets primarily to Fidelity funds and sub-advisers. Allocating assets among underlying funds and sub-advisers to achieve similar overall interest rate risk to the Bloomberg U.S. 1-3 Year Government/Credit Bond Index. Allocating assets among underlying funds and sub-advisers to attempt to diversify its portfolio in terms of different market sectors and maturities. 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. Allocating assets among affiliated funds (i.e., Fidelity funds, including mutual funds and ETFs), non-affiliated funds, non-affiliated ETFs (collectively, underlying funds), and sub-advisers. 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 . Show less