Strategic Advisers Core Multi- Manager Fund

Strategic Advisers Core Multi- Manager Fund Key Takeaways For the fiscal year ending May 31, 2018, the Fund's Retail Class shares gained 12.94%, trailing the 14.38% return of the benchmark S&P 500 index. Versus the benchmark, underlying managers with a valuation focus in their investment strategies hindered performance amid the growth-led market environment. Sub-adviser JPMorgan Investment Management was the primary relative detractor, as its emphasis on valuation resulted in adverse stock picks in several sectors. Sub-adviser First Eagle Investment Management also weighed on the Fund's relative result. This manager's high-risk/high-potential-return strategy with a contrarian tilt significantly underperformed the S&P 500. On the plus side, sub-adviser AllianceBernstein's momentum-driven strategy incorporating short-term market signals aided performance versus the benchmark. The Fund ended its sub-advisory relationship with First Eagle Investment Management in May 2018. As of May 31, Portfolio Managers John Stone and Niall Devitt believed it was prudent to begin reducing economically sensitive risk in the portfolio. MARKET RECAP The U.S. bellwether S&P 500 index returned 14.38% for the year ending May 31, 2018, despite a resurgence of volatility in stocks that challenged the multiyear bull market. The steady growth seen throughout 2017 extended into the new year, as investors remained upbeat on hopes of continued strong economic and earnings growth. Stocks surged 5.73% in January alone. February was a decidedly different story, though, as volatility spiked amid fear that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index returned -3.69% for the month, its first negative result since October 2016, and lost further ground in March on fear of a global trade war after the U.S. announced plans to impose tariffs on Chinese imports. The market stabilized in April and ended the period with a solid gain in May. For the full 12 months, growth stocks handily topped value, while small-caps bested large-caps. Information technology (+28%) was the top sector, rising amid strong earnings growth from several major index constituents. Financials, riding an uptick in bond yields, and energy, boosted by higher oil prices, each added about 19%. Consumer discretionary (+17%) also stood out, largely driven by retailers (+40%). Notable laggards included the defensive consumer staples (-10%), telecommunication services (-4%) and utilities (-2%) sectors. Not FDIC Insured May Lose Value No Bank Guarantee

Q&A John Stone Lead Manager Fund Facts Trading Symbol: FLAUX Niall Devitt Co-Manager Start Date: November 16, 2011 Size (in millions): $56.37 Investment Approach Strategic Advisers Core Multi-Manager Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in U.S. large-cap stocks. The Fund provides diversified exposure to multiple investment vehicles including sub-advised strategies, mutual funds and, at times, exchange-traded funds (ETFs) selected from what we believe are the best ideas of Strategic Advisers' research department. We employ a "core and satellite" approach to portfolio construction that blends both growth and risk-reduction characteristics. Evaluating the tradeoff between cost, liquidity and investment flexibility helps to determine the optimal investment mix. Our investment process emphasizes prudent manager selection based on the view that different investment approaches may outperform at different times over a full market cycle, and that combining these investment disciplines may result in a more consistent performance profile. We believe the ability to utilize the distinctive skills of a variety of managers helps provide investment diversification and also may provide the portfolio manager(s) more flexibility to invest more adeptly throughout the market cycle, and potentially allow for better risk management. An interview with Lead Portfolio Manager John Stone and Co-Portfolio Manager Niall Devitt Q: John, how did the Fund perform for the fiscal year ending May 31, 2018 J.S. For the past 12 months, the Fund's Retail Class shares gained 12.94%, trailing the 14.38% return of the benchmark S&P 500 index, and performing roughly in line with our Morningstar peer group average. Versus the benchmark, underlying managers with a valuation focus in their investment strategies hindered performance amid the growth-led market environment. Another manager pursuing an opportunistic strategy with a contrarian tilt also weighed on relative performance. Q: How would you describe the Fund's investment environment the past year J.S. Corporate-earnings growth accelerated during the period, helping fuel an environment marked by heightened demand for risk, led by economically sensitive stocks and industry groups. Against this backdrop, secular-growth stocks, such as technology high-fliers Facebook, Amazon.com, Netflix and Alphabet the parent company of Google performed exceptionally well. Sector-wise, in addition to information technology, energy, financials and consumer discretionary outperformed the S&P 500. The yield on the benchmark 10-year U.S. Treasury rose 0.62%, providing a nice tailwind for shares of banks and other financial firms, but weighing on the so-called bond-proxy groups: consumer staples, telecom services, utilities and real estate. Within this environment, stocks of growth-oriented companies handily outpaced their value-driven counterparts. Small-cap shares topped large- and mid-caps, aided by increasing investor confidence in U.S. economic growth and a strengthening U.S. dollar during the second half of the period. Q: Tell us more about your strategy and what influenced the Fund's performance this period. J.S. The Fund employs a multi-manager investment approach, allocating assets among a group of style-specific sub-advisers. We seek to outpace the Fund's benchmark over a full market cycle by employing what we determine to be an appropriate mix of underlying managers based on factors such as market environment and management style. Stylistically, managers employing an aggressive growth strategy, 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

or that otherwise had a momentum bias in their approach, generally did the best. By contrast, managers with a notable valuation component in their strategies, or those with defensive, income-oriented styles, lagged. We manage the Fund using a select group of strategies consisting of a sector-neutral core manager combined with managers we believe offer complementary style exposures. While the Fund has the ability to invest in mutual funds and ETFs (exchange-traded funds), to date we have emphasized subadvisers. We think sub-advisers provide the Fund and our shareholders with a variety of advantages. First off, working with sub-advisers enables us to negotiate management fees. Subadvisers also allow us to have greater insight into the manager's investment process, as well as closer overall working relationships. In addition, concentrating assets with sub-advisers provides us with more autonomy, given that we own the underlying securities. Lastly, hiring sub-advisers gives the Fund access to institutional managers that may not be available in a mutual fund format. Q: Turning to you, Niall, which managers detracted from relative performance N.D. Sub-adviser JPMorgan Investment Management was the biggest detractor. This manager follows a sector-neutral, largecap core strategy that seeks to add value from the best ideas of its fundamentally driven research team. The strategy's emphasis on valuation factors, such as price-to-cash flow, worked against JPMorgan's results this period, leading to subpar picks in consumer categories and in industrials. N.D. Sub-adviser AllianceBernstein aided performance versus the benchmark. AllianceBernstein pursues a momentumoriented approach, incorporating short-term market signals into its investment process as it seeks to own companies that it believes have the potential to generate strong earnings growth over the next three years. From a sector perspective, AllianceBernstein benefited from picks in industrials, health care and utilities. Q: Did you make any notable changes to the Fund this period N.D. Our sub-advisory relationship with First Eagle Investment Management ended in May 2018 after the portfolio manager of this rather unique strategy announced his retirement. We reallocated these assets earlier in the period among several other sub-advisers in the Fund, and the contracts were subsequently terminated. Q: What is your outlook as of May 31, John J.S. As stock prices resumed their upward climb following a sharp pullback early in 2018, we thought investors were expressing optimism about a variety of factors, such as the potential impact of lower corporate tax rates, along with stronger revenue and profit growth. At the same time, it appears wage pressure is rising, particularly in manufacturing and energy, contributing to an uptick in inflation. These indicators suggest to us that the economy may be shifting into the later phase of the business cycle. In anticipation of this transition, we think it's prudent to begin reducing the economically sensitive risk in the portfolio. Despite this period's underperformance, we continue to have positive expectations for JPMorgan's investment process and management team. Sub-adviser First Eagle Investment Management also weighed on relative performance. First Eagle uses a high-risk/highpotential-return strategy that seeks to capitalize on pricing inefficiencies related to corporate or global events. This period, it underperformed due to overweighted exposure to consumer staples, an underweighting in financials, and adverse stock choices in consumer discretionary and health care. The U.S. Equity strategy managed by sub-adviser FIAM placed a further drag on relative results. In this strategy, FIAM runs a fundamentally driven mega-cap portfolio with a relative value discipline. Similar to JPMorgan, the valuation emphasis inherent in this approach was not rewarded this period. Additionally, FIAM was hampered by poor stock picks, such as industrial conglomerate General Electric, which sharply lagged the broad equity market. Underweighting Amazon.com also hurt. Q: Which managers contributed 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

ASSET ALLOCATION John Stone on his outlook for economically sensitive stocks and the Fund's positioning: "One of the questions we continue to wrestle with is whether there will be a shift in market leadership from secular-growth stocks to stocks that are more sensitive to economic expansion. We think the secular-growth names may have better near-term prospects. "However, given their strong performance, we question the appropriateness of their current valuations. As for cyclical stocks, we believe their performance will depend on increases in inflation and capital spending, which are beginning to occur. "We think the Fund is positioned to benefit if cyclicals strengthen. At the same time, the Fund also may do well if secular growth continues to lead the market, in our view. Conversely, if U.S. GDP growth falters and the economy begins to slip into recession a scenario that seems unlikely in the near term the Fund's performance would suffer. "The Fund remains substantially underweighted in the bond proxies. However, as these sectors have lagged during the past year, underlying managers have bought stocks in these groups that they believe to be relatively attractive. "Given that these income-oriented groups can provide a buffer against market volatility, we think allowing the Fund's aggregate underweighting to shrink modestly is another measure that may help performance as the economic cycle matures." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 98.11% 98.18% Equities 97.14% 97.35% Mutual Funds 0.00% 0.00% ETFs 0.97% 0.83% Bonds 0.00% 0.00% Cash & Net Other Assets 1.89% 1.82% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. MANAGER ALLOCATION Manager Portfolio Weight Sub-Adviser Total 97.19% JP MORGAN INV MGMT 45.99% ALLIANCEBERNSTEIN LP 36.59% FIAM LLC 14.61% Top Mutual Fund Positions 0.00% Remaining Investments 2.81% Manager allocations are as of the end of the reporting period and may not be representative of the fund's current or future investments. Excludes money market investments. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

FISCAL PERFORMANCE SUMMARY: Periods ending May 31, 2018 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Core Multi-Manager Fund Gross Expense Ratio: 1.11% 2 2.67% 1.23% 12.94% 9.97% 11.96% 14.03% S&P 500 Index 3.16% 2.02% 14.38% 10.97% 12.98% 15.11% Morningstar Fund Large Blend 2.39% 1.18% 13.02% 9.11% 11.34% -- % Rank in Morningstar Category (1% = Best) -- -- 57% 43% 47% -- # of Funds in Morningstar Category -- -- 1,344 1,156 1,033 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/16/2011. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit 401K.com or fidelity.com/performance. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. FUND RISKS Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. These risks may be magnified in foreign markets. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Value and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry. The fund can invest in ETFs which may trade at a discount to their NAV. Fund of funds bear the risks of the investment strategies of their underlying funds. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. RANKING INFORMATION 2018 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. 6

Manager Facts John Stone is a portfolio manager and U.S. Equity group leader at Strategic Advisers LLC, a registered investment adviser and a Fidelity Investments company. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, he is responsible for overseeing the U.S. Equity investment strategy and managing a variety of funds, including Strategic Advisers Core Fund, Strategic Advisers Growth Fund, Strategic Advisers Value Fund, Strategic Advisers Core Multi-Manager Fund, Strategic Advisers Growth Multi-Manager Fund and Strategic Advisers Value Multi-Manager Fund, as well as the U.S. Equity sub-portfolios for Fidelity Portfolio Advisory Service, 529 Multi-Firm, and the Fidelity Charitable Gift Fund Legacy Pool. his master of science degree in finance from Boston College. He is also a CFA charterholder. Prior to assuming his current position in July 2008, Mr. Stone was a portfolio manager at Mercer Investments from 2006 to 2008. Previously, he worked as an investment analyst at Pyramis Global Advisors from 2002 to 2006, an investment associate at Devonshire Investors from 2000 to 2002, and as a Fidelity management trainee from 1998 to 2000. He has been in the industry since joining Fidelity in 1993. Mr. Stone earned his bachelor of science degree in quantitative economics from Tufts University and his master of business administration degree from Cornell University's Johnson Graduate School of Management. He is also a Chartered Financial Analyst (CFA) charterholder. Niall Devitt is a senior research analyst and portfolio manager at Strategic Advisers LLC, a registered investment adviser and a Fidelity Investments company. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Devitt is responsible for the evaluation and selection of open-architecture mutual funds and institutional strategies as well as asset class analysis and recommendations in the U.S. equity large cap area. Additionally, he serves as a comanager on the Strategic Advisers Core Fund, Strategic Advisers Core Multi-Manager Fund, Strategic Advisers Growth Fund and Strategic Advisers Growth Multi-Manager Fund. Prior to assuming his current position in February 2016, Mr. Devitt held various roles within SAI, including team leader, research analyst, and research associate. Previously, Mr. Devitt worked at Fidelity Tax Exempt Services Company as a systems analyst and as a systems associate. He has been in the investments industry since joining Fidelity in 2001. Mr. Devitt earned his bachelor of science degree in business information systems from University College Cork in Ireland, and 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending September 30, 2018 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Core Multi-Manager Fund Gross Expense Ratio: 1.06% 2 17.01% 16.30% 12.89% 14.65% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/16/2011. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit 401K.com or fidelity.com/performance. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. 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 Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 710256.8.0 Diversification does not ensure a profit or guarantee against a loss.