"For the last three months of 2025, the Fund gained 2.63%, topping the 2.35% advance of the benchmark Dow Jones U.S. Total Stock Market Index and also outpacing the peer group average. In Q4, investors rotated away from mega-cap growth stocks and the AI-related trade toward value-oriented and small-cap stocks.

"Within this environment, most of our active managers contributed to the Fund's positive relative outcome, led by Fidelity^® Growth Company Fund (+5%). This high-growth strategy focused on larger companies fared better than expected given the shift in market dynamics, propelled in part by stock selection among biotech firms. Additionally, within the information technology sector, hard disk drive and storage companies with ties to AI – rather than semiconductor stocks – boosted this manager's result. Sub-adviser Arrowstreet Capital (+5%) helped as well. This mandate uses a proprietary quantitative model that seeks to identify the drivers of a stock's return across many dimensions, including the economic relationships of companies to their suppliers, competitors and customers. This period, Arrowstreet benefited from picks among technology, industrial and materials firms, while also receiving a boost from a modestly positive tactical tilt toward value stocks.

"Conversely, sub-adviser Geode's U.S. SMID-Cap Quality Focus (-1%) approach – which emphasizes high-quality small- and mid-cap stocks – performed a bit worse than we would have liked. Our thought was that the favorable trend driving shares of more-profitable smaller-cap companies in Q4 would provide a tailwind for this strategy. Unfortunately, however, investment choices in the health care, financials and technology sectors pressured performance. As of year-end, the Fund's overall risk is in line with that of the benchmark, as we rely on stock-picking expertise of our underlying managers to drive the portfolio's relative return."

"For the last three months of 2025, the Fund gained 4.49%, trailing the 4.89% advance of the MSCI EAFE Index but outpacing the peer group average. In Q4, underlying managers focusing on value stocks and strategies aided performance, whereas those utilizing quality-growth strategies largely underperformed.

"Within the portfolio, the Overseas mandate from sub-adviser FIAM^® (+0.5%) and WCM International Focused Growth Fund (-5%) were the largest detractors versus the benchmark. The former seeks to own high-quality companies purchased at attractive prices that the manager believes can outperform the market over the long term. In addition to a stylistic headwind this quarter, security selection in the U.K. and Japan proved to be a challenge. Meanwhile, WCM, which also pursues a quality growth-focused mandate, struggled with picks across several regions, primarily among consumer discretionary, industrial and financial businesses. Fidelity Advisor^® International Discovery Fund (+2%) – another quality-focused growth manager – further pressured performance, stemming from investment choices in Europe and the Asia Pacific ex Japan region.

"On the plus side, Fidelity^® SAI International Value Index Fund and sub-adviser Causeway Capital (+ 8% each) led the way this quarter. Both were propelled by the general tailwind of value approaches outpacing growth stocks/strategies. Specifically, the former benefited from security selection in Europe and the U.K., especially in the financials and industrials sectors. In terms of Causeway, its traditional value approach yielded strong picks in Japan and emerging markets. This period, we sought to improve the portfolio's value holdings by reducing our allocation to Pear Tree Polaris Foreign Value Fund, deep-value manager Oakmark International Value Fund, and sub-adviser Thompson, Siegel & Walmsley, while adding to Fidelity^® SAI International Value Index Fund."

"For the last three months of 2025, the Fund gained 4.93%, topping the 4.72% advance of the benchmark MSCI Emerging Markets Index, and also outpacing the peer group average. In Q4, underlying managers and passive strategies focused on value generally fared well.

"Within the portfolio, Fidelity^® SAI Emerging Markets Value Index Fund (+8%) was the top contributor versus the benchmark, lifted by security selection in China and South Korea. Leading the way in the latter nation was SK Hynix, a key player in the continued growth of AI as a developer of high-bandwidth memory, which enables faster processing in AI chips. FIAM^®'s Concentrated Emerging Markets mandate (+6%), along with sub-adviser Causeway Capital (+7%), helped as well. The former keeps its number of holdings comparatively small, opportunistically investing in different types of firms across the style spectrum. Here, picks in China and South Africa, plus out-of-benchmark exposure to U.S. equities, were advantageous in Q4. Causeway employs a quantitative strategy with value and momentum tilts. It also had success in China, as well as Taiwan. An underweight in the lagging Saudi Arabian stock market was another plus.

"Conversely, Fidelity^® SAI Emerging Markets Low Volatility Index Fund (+2%) was the biggest relative detractor this quarter. The fund's emphasis on stocks exhibiting relatively low volatility could not keep pace in this period's rising market. Artisan Developing World Fund (-10%) – a comparatively small position in the portfolio – also struggled, as its high-growth approach was out of favor in Q4. Here, an underweight in the strong-performing Taiwanese stock market hurt. This period, we added the newly launched Fidelity^® SAI Emerging Markets Momentum Index Fund, which focuses on companies with improving earnings revisions whose stocks are in an uptrend. We believe this strategy complements our existing manager lineup and further diversifies the portfolio."

"For the last three months of 2025, the Fund gained 1.26%, topping the 1.10% advance of the benchmark Bloomberg U.S. Aggregate Bond Index and also outpacing the peer group average. In Q4, investment-grade bonds were fueled by a combination of elevated starting yields and price appreciation, as prices rose amid falling interest rates and investor demand. The Federal Reserve, after resuming the monetary easing program it had paused from January until September of this year, followed through with additional rate reductions in October and December.

"Within the portfolio, three strategies from PIMCO contributed most versus the benchmark in Q4: the Total Return sub-advised mandate (+1.5%), as well as PIMCO Income Fund (+2.5%) and Mortgage Opportunities and Bond Fund (+1.9%). Each benefited from favorable yield-curve positioning, along with overweight allocations to government-agency mortgage-backed securities, the second-best-performing fixed-income sector this period. Outsized exposure to emerging-markets debt also helped PIMCO Total Return, as these securities handily outperformed the broader investment-grade market for the quarter and year. The Fixed Income Securitized mandate from FIAM^® (+2%) was another plus, bolstered by agency mortgage-backed securities holdings.

"There were no material relative detractors this quarter, although the Fund's U.S. Treasury positioning slightly hurt. These investments are primarily held for liquidity and hedging purposes. In Q4, however, intermediate- and long-term Treasurys modestly underperformed amid rising yields. Despite the period's strong performance, our managers still see value in MBS and other securitized products. They also expect the Treasury yield curve to steepen and are positioned accordingly. With U.S.-dollar weakness likely to continue, in their view, returns of international holdings should be beneficial when converted into dollars."

"For the last three months of 2025, the Fund gained 1.58%, performing about in line with the 1.56% advance of the benchmark Bloomberg Municipal Bond Index and slightly topping the peer group average. Supply-and-demand dynamics substantially influenced the performance of tax-exempt debt in both Q4 and 2025. Issuance volume remained elevated, driving a record year for new bonds coming to market. Supply was largely absorbed without disruption amid firming investor demand, as healthy yields continued to attract buyers' attention. The municipal yield curve flattened this quarter, as short-term yields rose, whereas intermediate- and long-term yields slightly declined.

"Within the portfolio, underlying managers with greater exposure to intermediate maturities fared best. For example, the Tax-Free Investment Grade mandate from sub-adviser MacKay Shields (+2%) benefited from an outsized stake in intermediate-maturity bonds, an underweight in long-term credit and largely avoiding the poor-performing tobacco segment. Sub-adviser FIAM^® (+1.7%), along with the High Yield mandate from T. Rowe Price (+2%), were aided by favorable yield-curve positioning, in addition to comparatively large allocations to municipal bonds issued by hospitals and airports.

"There were no material relative detractors this quarter, although sub-adviser Delaware was a slight negative. Here, exposure to bonds issued by the struggling Florida-based Brightline Trains hampered performance, as did long-term bond holdings. As of year-end, tax-equivalent yields on municipal securities are high relative to historical averages, offering an attractive alternative to taxable debt, particularly for investors in high tax brackets. In terms of technicals, we believe new supply is likely to continue at a strong pace, as issuers increase their borrowing due to higher costs and uncertainty around future federal funding. We feel this will be met by consistent demand, given the attractiveness of yields."

"For the last three months of 2025, the Fund gained 1.43%, slightly outpacing the 1.35% advance of the benchmark ICE BofA^® US High Yield Constrained Index, as well as the peer group average. In Q4, higher-rated bonds (BB) performed the best, gaining 1.63%, followed by the B (+1.39%) and CCC/below tiers (+0.21%). By industry, returns were broadly positive, led by the defensively oriented health care and utilities groups (+2% each).

"Within the portfolio, T. Rowe Price (+1.7%) sub-advised mandate and Fidelity^® Capital & Income Fund (+1.8%) contributed versus the benchmark. The former notably benefited from security selection among automotive and wireless communications issuers. Bond picks also aided Fidelity Capital & Income, with this fund's debt holdings outpacing its sizable leveraged equity allocations this quarter. BlackRock High Yield Portfolio (+1.8%) was another plus, thanks to investment choices among technology and media companies.

"On the downside, sub-adviser PGIM (+1%) detracted from the Fund's relative result due to security selection among media issuers, while Artisan High Income Fund (+0.9%) also moderately hurt, as leveraged loans issued by auto parts and cable TV firms weighed on its performance. For the fourth consecutive year, the size of the U.S. high-yield market shrank, decreasing from approximately $1.8 trillion in early 2022 to roughly $1.4 trillion by September 30, 2025. This contraction is largely attributed to a high volume of 'rising stars' – companies whose credit ratings were upgraded from high-yield to investment-grade – that were not fully replaced by new, lower-rated issues. We view this positively from a supply-and-demand standpoint and, overall, believe that economic and corporate fundamentals continue to be supportive of high-yield credit amid ongoing moderate U.S. economic growth. Consequently, as of year-end, we kept the portfolio's overall level of market risk on par with the Fund's benchmark."

"For the last three months of 2025, the Fund gained 1.13%, performing roughly in line with the 1.16% advance of the benchmark FTSE^® 6-Month U.S. Treasury Bill Index, as well as the peer group average. In Q4, the Federal Reserve, after resuming the monetary easing program it had paused from January until September of this year, followed through with additional rate reductions in October and December. Reflecting this policy shift, short-term bond yields declined. Within the short-term investment-grade bond market, 1- to 3-year maturities outperformed 6-month securities.

"We organize the Fund's investments into three categories: money market/low volatility; low duration (averaging less than one year); and short-term (an average duration of one to two years). As a group, our short-term managers led the way this quarter, outpacing the broader benchmark due to their greater sensitivity to declining interest rates. Sub-adviser T. Rowe Price (+1.3%) was the top contributor among our short-term managers, fueled by its longer-duration portfolio and outsized allocation to corporate credit. Sub-adviser FIAM^® (+1.1%) also helped, aided by the relatively high yields of its holdings in asset-backed securities. PIMCO Short-Term Fund (+1.2%) was another plus, benefiting from favorable positioning at the longer end of the short-term U.S. Treasury yield curve. I'm happy to report that there were no material relative detractors in Q4.

"As of year-end, there is a sense of optimism among market participants that the provisions in the administration's One Big Beautiful Bill could fuel accelerating economic growth in 2026. Following the Fed's December meeting, central bank officials signaled they might hold steady for now. With progress on inflation stalled and labor-market statistics softening but remaining relatively resilient, Fed Chair Jerome Powell indicated a wait-and-see stance. This announcement shifted expectations for additional rate cuts deeper into 2026, though perhaps not until mid-year or later."

"For the last three months of 2025, the Fund gained 0.70%, performing roughly in line with the 0.67% advance of its benchmark, the Strategic Advisers^® Tax-Sensitive Short-Duration Composite Index. Supply-and-demand dynamics substantially influenced the performance of tax-exempt debt in both Q4 and 2025. Issuance volume remained elevated and contributed to a record year for new bonds coming to market. Supply was largely absorbed without market disruption amid firming investor demand, as healthy yields continued to attract buyers' attention. The municipal yield curve flattened this quarter, as short-term yields rose, whereas intermediate- and long-term yields slightly declined.

"Within the portfolio, three of the Fund's four sub-advisers modestly contributed versus the benchmark this quarter. The Conservative Income mandate from sub-adviser FIAM^®, along with T. Rowe Price and Allspring, each gained about 0.8%. Despite a slight uptick in yields, all three benefited from having greater interest-rate sensitivity than the broader benchmark, along with exposure to lower-rated investment-grade holdings. Positioning across several segments of the municipal market also aided these managers, including housing, prepaid gas, airports and health care. I'm happy to report that there were no material relative detractors this quarter.

"As of December 31, credit fundamentals for most tax-backed municipal bonds remain solid, with default rates very low and issuers' balance sheets generally healthy. Tax-equivalent yields on municipal securities are high relative to historical averages, offering an attractive alternative to taxable debt, particularly for investors in high tax brackets. In terms of technicals, we believe new supply is likely to continue at a strong pace, as issuers increase their borrowing due to higher costs and uncertainty around future federal funding. We feel this will be met by consistent demand, given the attractiveness of yields."

"For the last three months of 2025, the Fund gained 1.88%, topping the 0.97% advance of the benchmark ICE BofA U.S. 3-Month Treasury Bill Index. For 2025, the Fund met its volatility target and demonstrated low correlation with U.S. equities.

"Within the portfolio, Eaton Vance Global Macro Absolute Return Advantage Fund (+6%) was the top relative contributor this quarter. This manager seeks to find niche investment opportunities in fixed-income markets and currencies around the world. In Q4, holdings of local-currency sovereign bonds and corporate credit in Kazakhstan, Egypt, Venezuela and Ukraine drove its result. BlackRock Global Equity Market Neutral Fund (+3%) – our No. 2 holding at year-end –  provided an added boost, fueled by strong stock selection in the financials and materials sectors. Federated Hermes MDT Market Neutral Fund (+4%) was another plus, aided by long and short positions in consumer-related sectors. I'll also mention Fidelity^® SAI Convertible Arbitrage Fund (+2%), the portfolio's largest position this period. Similar to Q3, the strategy continued to benefit from a record level of convertible bond issuance.

"Conversely, the Systematic Global Macro mandate from sub-adviser Capital Fund Management (-0.6%) was the biggest relative detractor this period. The strategy was hurt by exposure to precious metals, and, more specifically, by a short position in silver, which more than offset the benefit of the fund's long exposure to gold. Elsewhere, the defensively oriented Equity Market Protective Put mandate from sub-adviser FDS^® performed as expected, lagging against a backdrop of rising equity markets. Similarly, the AGF U.S. Market Neutral Anti-Beta Fund's (-7%) strategy – characterized by exposure to low-beta stocks and short positions in high-beta equities – was out of favor in Q4. Beta is a key measure of an investment's volatility relative to the overall market. There were no major positioning changes in the portfolio during the quarter."

"For the last three months of 2025, the Fund gained 3.09%, topping the 2.35% advance of the benchmark Dow Jones U.S. Total Stock Market Index, and also outpacing the peer group average. In Q4, investors rotated away from mega-cap growth stocks and the AI-related trade toward value-oriented and small-cap stocks.

"Within the portfolio, two mandates from sub-adviser FIAM^® were the top contributors versus the benchmark this quarter: Value Discovery (+7%) and Sector Managed (+4%). The prevailing market backdrop aided the former's quality-focused value approach. Specifically, an underweight in the lagging information technology sector, in addition to avoiding some of the 'Magnificent 7' mega-cap growth stocks – which lagged in Q4 – proved advantageous. Meanwhile, FIAM^® Sector Managed employs a sector-neutral approach with dedicated experts making corresponding picks. Here, investment choices among tech firms, especially memory-chip makers SK Hynix and Micron Technology, helped most. The U.S. Equity mandate from FIAM (+5.1%) also stood out to the upside, as this relative-value strategy did well with picks among industrial, financial and communication services companies.

"Conversely, Fidelity Advisor^® Magellan^® Fund (-3%) was the biggest relative detractor in Q4. The manager employs a quality-growth strategy with a momentum bias, which was somewhat at odds with the market this period. Particularly, security selection in the communication services, tech and industrials sectors notably hurt. Elsewhere, Fidelity^® SAI U.S. Low Volatility Index Fund (+0.4%) was another negative. This fund owns large-cap stocks exhibiting less volatility than the broader U.S. equity market and was pressured by picks in several sectors. Positioning-wise, we continued to increase exposure to FIAM's Select U.S. Equity mandate, which selects stocks that Fidelity's analysts have rated as buys, then incorporates risk-control factors."

"For the last three months of 2025, the Fund gained 4.16%, trailing the 4.89% advance of the benchmark MSCI EAFE Index, and also lagging the peer group average. In Q4, underlying managers focusing on value stocks and strategies aided performance, whereas those utilizing quality-growth strategies largely underperformed.

"Within the portfolio, two mandates from sub-adviser FIAM^® were the largest detractors versus the benchmark: Overseas (+0.6%) and International Capital Appreciation (-0.1%). The former seeks to own high-quality companies purchased at attractive prices that the manager believes can outperform the market over the long term. In addition to a stylistic headwind this quarter, security selection in the U.K. and Japan proved to be a challenge. For International Capital Appreciation, its emphasis on high-quality growth stocks hurt this period. Sector-wise, picks in financials, industrials and information technology were a challenge. Fidelity Advisor^® International Discovery Fund (+2%) – another quality-focused growth manager – further pressured performance, stemming from investment choices in Europe and the Asia Pacific ex Japan region.

"On the plus side, Fidelity^® SAI International Value Index Fund (+8%) and the International Equity Value mandate from sub-adviser FIAM^® (+6%) led the way this quarter. Both were propelled by the broader tailwind of value approaches outpacing growth stocks/strategies the past three months. Specifically, the former benefited from security selection in Europe and the U.K., especially in the financials and industrials sectors. FIAM's outperformance was aided in part by picks among industrial firms in Japan and financial institutions in the U.K. Overall, we continue to emphasize managers that focus on developed-international markets equities, rather than stocks in emerging or other markets."

"For the last three months of 2025, the Fund gained 5.14%, topping the 4.72% advance of the benchmark MSCI Emerging Markets Index and also outpacing the peer group average. In Q4, underlying managers and passive strategies focused on value generally fared well.

"Within the portfolio, Fidelity^® SAI Emerging Markets Value Index Fund (+8%) was the top contributor versus the benchmark this quarter, benefiting from security selection in China and South Korea. Leading the way in the latter nation was SK Hynix, a key player in the continued growth of AI as a developer of high-bandwidth memory, which enables faster processing in AI chips. The Concentrated Emerging Markets mandate from sub-adviser FIAM^® (+6%), along with the Global Emerging Markets strategy from sub-adviser FIL^® (+7%), helped as well. The former keeps its number of holdings comparatively small, opportunistically investing in different types of companies across the style spectrum. Here, picks in China and South Africa, plus out-of-benchmark exposure to U.S. equities, were advantageous in Q4. Meanwhile, FIL focuses on growth stocks, but this quarter, a large underweight in poor-performing China was most beneficial, complemented by investment choices in South Korea and Taiwan.

"Conversely, Fidelity^® SAI Emerging Markets Low Volatility Index Fund (+2%) was the biggest relative detractor. Its emphasis on stocks exhibiting relatively low volatility could not keep pace in this period's rising market. The Greater China mandate from FIL also hurt, reflecting that market's lagging performance. That said, the strategy outperformed in U.S.-dollar terms, returning -2% whereas China returned -7%. This period, we added the newly launched Fidelity^® SAI Emerging Markets Momentum Index Fund, which focuses on firms with improving earnings revisions whose stocks are in an uptrend. We believe this strategy complements our existing manager lineup and further diversifies the portfolio."

"For the last three months of 2025, the Fund gained 1.02%, slightly trailing the 1.10% advance of the benchmark Bloomberg U.S. Aggregate Bond Index, and performing roughly in line with the peer group average. In Q4, investment-grade bonds were fueled by a combination of elevated starting yields and price appreciation, as prices rose amid falling interest rates and investor demand. The Federal Reserve, after resuming the monetary easing program it had paused from January until September of this year, followed through with additional rate reductions in October and December.

"Within the portfolio, U.S. Treasury positioning pressured relative performance most in Q4. These investments are primarily held for liquidity and hedging purposes. This period, however, intermediate- and long-term Treasurys modestly underperformed amid rising yields.

"In contrast, the Fixed Income Securitized mandate from FIAM^® (+1.6%) contributed most versus the benchmark the past three months, fueled by stakes in government-agency mortgage-backed securities, the second-best-performing segment of the fixed-income market this period. Fidelity Advisor^® New Markets Income Fund (+3.8%) also helped. The fund focuses on emerging-markets debt, a category that handily outperformed the broader investment-grade market for both the quarter and year as a whole.

"In Q4, the Securitized Credit mandate from FIAM – whose benchmark includes all types of securitized investment vehicles except agency MBS – was added to broaden our exposure to non-agency MBS, agency and non-agency commercial MBS, as well as asset-backed securities. Despite the period's strong performance, our managers still see value in MBS and other securitized products. They also expect the Treasury yield curve to steepen and are positioned accordingly,."

"For the last three months of 2025, the Fund gained 2.28%, topping the 0.97% advance of the benchmark ICE BofA U.S. 3-Month Treasury Bill Index.

"Within the portfolio, Eaton Vance Global Macro Absolute Return Advantage Fund (+6%) was the top relative contributor this quarter. The manager seeks to find niche investment opportunities in fixed-income markets and currencies around the world. In Q4, holdings of local-currency sovereign bonds and corporate credit in Kazakhstan, Egypt, Venezuela and Ukraine drove the fund's result. The Equity Market Neutral mandate from sub-adviser FIL^® (+8%) also helped, fueled by long/short strategies in the Asia Pacific region. I'll also mention Fidelity^® SAI Convertible Arbitrage Fund (+2%), the portfolio's largest position this period. Similar to Q3, the strategy continued to benefit from a record level of convertible bond issuance. Elsewhere, BlackRock Global Equity Market Neutral Fund (+3%) provided an added boost, fueled by strong stock selection in the financials and materials sectors, in addition to long equity exposure in a rising market environment.

"Conversely, Fidelity^® SAI Alternative Risk Premia Commodity Strategy Fund (-3%) detracted most from the portfolio's relative outcome. Despite strong returns from commodities this period – led by precious metals – the fund lagged due to weak results from carry strategies in agricultural commodities, particularly soybean meal and cocoa. A favorable supply outlook caused their spot prices to fall. Carry is the difference between the spot price of an asset and price of its futures contract. Elsewhere, the defensively oriented Equity Market Protective Put mandate from sub-adviser FDS^® performed as expected, lagging in a rising equity market. In terms of notable positioning changes, we added to Fidelity^® SAI Merger Arbitrage Fund (+2.5%) – a relative contributor this period – given the view that the environment was more favorable for this strategy."