Strategic Advisers Core Fund

Strategic Advisers Core Fund Key Takeaways For the semiannual reporting period ending November 30, 2017, the Fund gained 11.01%, slightly ahead of the 10.89% return of the benchmark S&P 500 index. Versus the benchmark, the Fund benefited most from one particular underlying manager, sub-adviser AllianceBernstein, whose momentum-driven style incorporating short-term market signals was in favor this period. Limited exposure to moredefensive "bond-proxy" sectors consumer staples, telecom services, real estate and utilities also aided relative results. Besides momentum, underlying managers emphasizing growth and/or business quality performed well. Value-oriented subadvisers LSV Asset Management and Brandywine Global Investment Management each helped about equally versus the benchmark. Both managers received a sizable boost from underweighting bond proxies. On the downside, managers employing defensive, incomeoriented approaches lagged. Sub-adviser OppenheimerFunds detracted due to poor results from several stock picks. As of November 30, Portfolio Managers John Stone and Niall Devitt had the portfolio tilted toward market sectors that may benefit from continued economic growth. MARKET RECAP The U.S. equity bellwether S&P 500 index gained 10.89% for the six months ending November 30, 2017, rising steadily and closing the period at an alltime high after a particularly strong three-month finish. The lone exception to the uptrend was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding legislation out of Washington. Nonetheless, consumer sentiment and other market indicators remained positive. In a stark reversal from 2016, growth-oriented stocks handily topped their value counterparts. Among sectors, financials (+19%) fared best, riding the uptick in bond yields and a surge in banks (+22%) late in the period. Information technology (+15%) also stood out, advancing amid strong earnings growth from several major index constituents. Materials rose about 13%, spurred by increased demand, especially from China. Health care finished roughly in line with the index. Conversely, rising interest rates held back real estate (+7%), sluggish oil prices curbed energy (+8%), and a weak result from media (-5%) hampered the gain of the broader consumer discretionary sector (+7%). Lastly, telecommunication services (+2%) and consumer staples (0%) fared worst, due to investors' general preference for risk assets, coupled with increased competition and margin pressure. Shares are offered only to certain clients of Strategic Advisers, Inc. not available for sale to the general public Not FDIC Insured May Lose Value No Bank Guarantee

Q&A John Stone Lead Manager Fund Facts Trading Symbol: FCSAX Niall Devitt Co-Manager Start Date: December 30, 2009 Size (in millions): $24,518.87 Investment Approach Strategic Advisers Core Fund (the Fund) is a multimanager 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 six months ending November 30, 2017 J.S. The Fund gained 11.01%, outpacing both the S&P 500 benchmark, which returned 10.89%, and our Morningstar peer group average. Versus the benchmark, the Fund benefited from one underlying manager's momentum-driven strategy, a style that was in favor this period. Secondarily, limited exposure to more-defensive "bond proxy" categories also helped boost relative performance. Looking back over a full 12 months, the Fund again beat both the benchmark and peer average. Q: Tell us more about your strategy and what drove the Fund's success the past six months. J.S. The Fund uses a multi-manager investment approach, allocating assets among a group of style-specific subadvisers and mutual funds. 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. This period, the market rewarded an emphasis on cyclical sectors, such as financials, information technology and materials. As a result, underlying managers that were wellpositioned in these economically sensitive groups and correspondingly had de-emphasized bond-proxy sectors, such as consumer staples, telecom services, real estate and utilities led the way. Stylistically, managers with a momentum bias in their strategy performed well, as did those that emphasized growth and/or sought to invest in higher-quality businesses. By contrast, managers employing defensive, incomeoriented approaches lagged. We manage the Fund via a "core and satellite" approach, combining managers of strategies exhibiting benchmarklike characteristics with higher-risk managers using strategies we think offer above-index return potential. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Q: Turning to you, Niall, which managers contributed to relative performance N.D. Sub-adviser AllianceBernstein was the top contributor versus the benchmark. AllianceBernstein's approach is momentum-oriented, 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. Given that this manager's momentum-driven style was in favor this period, it performed in line with our expectations. From a sector perspective, AllianceBernstein benefited from picks in industrials, energy and health care. Its performance also was helped by investing in strong-performing defense contractors, such as Northrop Grumman. Sub-advisers LSV Asset Management and Brandywine Global Investment Management also aided relative performance, with each contributing about equally versus the benchmark. Taking into consideration the value orientation of these managers, their results exceeded our expectations, as each outpaced the S&P 500 by a sizable margin. Both received a notable boost from underweighting the bond proxies, as well as from overweighting financials, which was the best-performing sector in the index. LSV employs a quantitatively driven, deep-value strategy, while Brandywine's approach emphasizes traditional value metrics. Both managers provide the Fund with core exposure to large-cap value equities. Q: Which managers detracted N.D. We expected sub-adviser OppenheimerFunds' opportunistic strategy with its quality-growth tilt to perform better than it did in the market environment this past six months. However, this manager was hurt by some poor stock picks, including industrial conglomerate General Electric and electric utility Pacific Gas & Electric (PG&E). GE's stock dropped to a 52-week low in mid-november after CEO John Flannery lowered the firm's earnings targets for 2018 and cut the stock's dividend in half. PG&E's shares plunged in October amid concerns that its power lines may have triggered wildfires in California. At period end, we retain confidence in OppenheimerFunds, and see this period's weakness as an aberration brought on by these idiosyncratic, or company-specific, developments. Sub-adviser First Eagle Investment Management also hampered relative performance the past six months. First Eagle uses a high-risk/high-potential-return strategy that seeks to capitalize on pricing inefficiencies related to corporate or global events. This period, it underperformed due to underweighted exposure to financials, along with adverse results from several stock picks, including PG&E. I'll also mention sub-adviser JPMorgan Investment Management. This manager follows a sector-neutral, largecap core strategy that seeks to add value from the best ideas of its fundamentally driven research team. Unfortunately, this period it stumbled with picks in consumer staples, industrials and health care. Q: Did you make any notable changes to the Fund this period N.D. Nothing major, but we did trim allocations to our stronger-performing sub-advisers. We reallocated those assets to Brandywine and LSV to increase the Fund's value exposure. We also decided to modestly lighten the Fund's position in JPMorgan U.S. Large Cap Core Plus Fund after the lead portfolio manager announced he would be retiring at the end of 2017. Lastly, we added a small position in Fidelity SAI U.S. Momentum Index Fund. This fund was launched for exclusive use by Strategic Advisers. It tracks a version of the MSCI USA Momentum Index that was customized for Fidelity, and seeks to capitalize on the price momentum of stocks that have outperformed over the past six and 12 months. Historically, momentum factors have worked well during the mid-to-later phase of the economic cycle. So, we view this as a tactical position for the Fund. Q: What is your outlook as of period end, John J.S. We think the U.S. economy continues to provide a supportive backdrop for stocks. U.S. GDP (gross domestic product) registered two consecutive quarters of 3% or better annualized growth in the second and third quarters of 2017. The unemployment rate reached a 17-year low of 4.1%. Consumer spending has been strengthening, and new home sales are posting strong gains. In our view, stock valuations are stretched but still within a range of fair value. That said, although we believe stocks may continue to rise, their performance could lag the rate of future earnings growth due to elevated valuations. As we move into 2018, we think economically sensitive areas of the market offer the best return prospects, in particular, financials and technology. As a result, the Fund had a cyclical tilt at period end, with aggregate overweightings in both of these sectors. 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 the outlook for economically sensitive stocks: "One of the questions we've been wrestling with is whether market leadership will shift from secular growth stocks to stocks that are more sensitive to economic expansion. Secular growth stocks include, for example, technology high-fliers that have performed exceptionally well in 2017, such as Facebook, Amazon.com and Netflix. "Shares of cyclically driven companies rose in the immediate aftermath of the 2016 presidential election. The pro-growth rhetoric of then President-elect Trump drove up the earningsgrowth prospects of companies in economically sensitive industries. As 2017 unfolded, however, secular growth stocks strongly rebounded when questions arose about the timing and ultimate success of Trump's economic agenda. "Looking ahead, we believe the performance of cyclical stocks will depend on increases in inflation and capital spending, although the outlook for either of these factors is uncertain at this point. We think the Fund is positioned to benefit if cyclicals strengthen. At the same time, in our view, the Fund also may do well if secular growth continues to lead the market. Conversely, if growth in U.S. GDP falters and the economy begins to slip into recession a scenario that seems unlikely in the near term the Fund's performance could suffer. "In our opinion, the stock market has yet to fully price in the 2018 rate hikes telegraphed by the U.S. Federal Reserve. Consequently, if rates rise faster than the market currently expects, stocks could decline. We think bond-proxy groups likely would fare the worst in this scenario. Rising rates may not be overly detrimental to the performance of more-cyclical sectors, so long as rates are rising because inflation is trending higher." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 98.82% 98.93% Equities 81.17% 80.28% Mutual Funds 17.20% 18.22% ETFs 0.45% 0.43% Bonds 0.00% 0.00% Cash & Net Other Assets 1.18% 1.07% 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 82.37% T ROWE PRICE 20.02% ALLIANCEBERNSTEIN LP 15.62% JP MORGAN INV MGMT 10.79% FIAM LLC SECTOR MANAGED 10.28% FIAM LLC 8.50% FIRST EAGLE INVESTMENT MGMT LL 5.30% BRANDYWINE GLOBAL INV MGMT LLC 4.43% LSV ASSET MANAGEMENT 4.40% OPPENHEIMER FUNDS INC 2.88% CLARIVEST ASSET MANAGEMENT LLC 0.15% Top Mutual Fund Positions 17.93% Jpm US Lrg Cap Plus Fd Cl I 7.93% Sai US Quality Index 6.52% Pimco Stocksplus Absolute Retu 1.26% Sai US Momentum Index 0.97% Securities Lending Cf 0.74% Sai US Large Cap Index 0.30% Growth Company 0.21% Remaining Investments -0.30% 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 November 30, 2017 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Core Fund Gross Expense Ratio: 0.74% 2 11.01% 21.15% 23.29% 10.30% 15.07% 12.83% S&P 500 Index 10.89% 20.49% 22.87% 10.91% 15.74% 13.76% Morningstar Fund Large Blend 10.42% 19.03% 21.06% 9.18% 14.23% -- % Rank in Morningstar Category (1% = Best) -- -- 20% 34% 41% -- # of Funds in Morningstar Category -- -- 1,392 1,219 1,083 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/30/2009. 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. 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 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. charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. 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. The fund can invest in securities that may have a leveraging effect (such as derivatives and forward-settling securities) that may increase market exposure, magnify investment risks, and cause losses to be realized more quickly. Short positions can lose value as a security's price increases; therefore, the loss on a short sale is theoretically unlimited. 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 top-performing 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 6

Manager Facts John Stone is a portfolio manager and U.S. Equity group leader at Strategic Advisers, Inc. (SAI), 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, Inc. (SAI), 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 December 31, 2017 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Core Fund Gross Expense Ratio: 0.74% 2 22.55% 10.77% 15.15% 12.85% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/30/2009. 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. 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 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. Diversification does not ensure a profit or guarantee against a loss. 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. 709468.7.0