QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® Funds

Key Takeaways FUND LIST*

† • For the three months ending June 30, 2021, six of 12 Strategic BLENDED Advisers Funds outpaced their respective benchmarks, with three U.S. Stocks performing roughly in line and three trailing. Longer-term comparisons largely remained strong as well. Large Cap Fund (FALCX) Small-Mid Cap Fund (FSCFX) • The bull market in U.S. stocks persisted in Q2 but market leadership shifted away from previously ascendant economically sensitive International Stocks sectors. Energy stocks continued to lead but the performance International Fund (FILFX) weakened versus the first quarter. Large-cap stocks moved back ahead of small- and mid-caps, while growth stocks generally outpaced Emerging Markets Fund (FSAMX) their value counterparts. Bonds • Overseas, both international developed-market (DM) and emerging- Core Income Fund (FPCIX) market (EM) equities trailed large- and mid-cap U.S. stocks, in U.S.- dollar terms. In DM, quality growth investment strategies performed Income Opportunities Fund (FPIOX) well, while economically sensitive approaches lagged. However, in Short-Term EM, value-oriented sectors continued to outperform. Short Duration Fund (FAUDX) • Within U.S. fixed-income markets, long-term bond yields declined but Tax-Sensitive Short Duration Fund credit spreads continued to tighten, providing a favorable backdrop (FGNSX) for long-term corporate and government debt. Conversely, falling interest rates and the anticipated tapering of the Federal Reserve's bond purchase program weighed on government mortgage securities. FIDELITY‡ • As of June 30, the portfolio managers of Strategic Advisers' U.S. and U.S. Stocks international equity Funds continued to emphasize economically sensitive strategies. In fixed income, the managers were cautious U.S. Total Stock Fund (FCTDX) toward investment-grade credit due to extended valuations, but International Stocks somewhat more positive about high yield bonds. International Fund (FUSIX) • Strategic Advisers Municipal Bond Fund launched on June 17, 2021. Emerging Markets Fund (FGOMX) The Fund's performance will be assessed in this report beginning next quarter. Bonds Core Income Fund (FIWGX)

* These funds are only available to clients enrolled in Fidelity® Wealth Services. † The Blended investment universe uses both Fidelity and non-Fidelity offerings and seeks to enhance risk-adjusted returns through broad diversification across asset classes. ‡ The Fidelity Focused investment universe primarily uses Fidelity offerings and seeks to enhance risk-adjusted returns through broad diversification across asset classes.

Not FDIC Insured • May Lose Value • No Bank Guarantee QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Market Recap In contrast, Japan returned -0.25% as COVID-19 cases increased while Asia Pacific ex Japan (+5%) fared somewhat better. Emerging For the three months ending June 30, 2021, global financial markets markets (+5%) also moderately trailed the broader index amid a sell- continued to be influenced by a number of factors, including off in May when higher-than-expected U.S. inflation renewed improved prospects for global economic growth, sustained progress concerns over the timing of global monetary policy tightening. on local, state and federal economies reopening in many countries, Sector-wise, health care (+10%), energy (+8%) and consumer staples fiscal stimulus, fresh government spending programs, and the (+8%) stood out to the upside, whereas utilities (-0.1%), widespread distribution of COVID-19 vaccines. Although the global communication services (+2%) and real estate (+3%) lagged. economic recovery continued, there was some variance in certain countries and regions due to virus trends. Turning to fixed income, U.S. taxable investment-grade bonds (the Bloomberg Barclays U.S. Aggregate Bond Index) gained 1.83% in a Against this backdrop, the Dow Jones U.S. Total Stock Market Index period of lower longer-term yields and historically tight spreads, as gained 8.29% this past quarter. Among sectors, energy (+13%) fared economic threats related to COVID-19 faded and investors grew best, as rising crude-oil prices boosted the corporate profit outlook. more comfortable with the U.S. Federal Reserve's narrative that Real estate (+12%), information technology and communication inflation will be transitory. Municipal bonds (+1.42%), as measured services (+11% each) also outperformed. In contrast, utilities (-0.4%) by the Bloomberg Barclays Municipal Bond Index, also benefitted trailed by the widest margin, followed by consumer staples and from the decline in long-term yields. Higher-risk "plus" areas of the industrials (+4% each). Large- and mid-cap stocks handily topped bond market, including high-yield (+2.77%, ICE BofA U.S. High Yield small-caps. Growth stocks notably outpaced value, except among Constrained Index) and emerging-markets debt (+3.93%, J.P. small-caps. Morgan Emerging Markets Bond Index Global), solidly outdistanced Abroad, the MSCI ACWI (All Country World Index) ex USA Index investment-grade debt. The Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities (TIPS) index increased 3.25% gained 5.53% in Q2. All but one major region within the index and U.S. short-term bond performance was effectively flat this generated a gain for the three months, led by Canada (+10%). Europe ex U.K. (+8%) also outpaced the index, as did the U.K. (+6%). period. ■

BROAD ASSET CLASS RETURNS (%) PERIOD ENDING JUNE 30, 2021

Calendar-Year Returns Average Annual Cumulative 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 5 Year 3 Year 1 Year 6 Mos 3 Mos ■ U.S. Core Stocks Best 10.7 18.6 36.8 13.7 13.6 17.6 37.8 1.9 36.4 38.5 23.7 25.1 57.8 17.0 11.9 ■ U.S. Growth Stocks 8.9 18.5 33.5 13.5 5.7 17.5 30.2 1.3 31.5 20.0 17.6 18.7 43.7 17.0 8.5 ■ U.S. Value Stocks 8.5 17.9 32.5 13.0 3.3 17.3 24.5 0.0 27.8 18.7 16.3 15.2 42.5 15.3 5.7 P ■ U.S. SMID-Cap (Small- and e 7.8 17.5 32.4 12.1 1.4 12.0 21.8 -0.3 26.5 18.4 13.4 12.4 41.4 13.0 5.4 Mid-cap) Stocks r Non-U.S. Developed- 6.6 16.6 21.2 9.1 1.2 11.6 16.8 -1.5 22.8 8.4 11.9 11.7 40.8 10.1 5.2 ■ f Markets Stocks o 2.6 16.0 14.7 7.1 0.5 10.2 13.7 -2.3 18.9 7.8 10.6 8.8 33.9 7.6 5.1 ■ Emerging-Markets Stocks r 2.1 15.3 0.1 6.0 0.1 7.1 9.3 -4.4 14.4 7.5 7.3 7.1 15.6 3.7 3.9 m ■ High-Yield Bonds a 0.4 12.9 -2.0 5.5 -0.5 4.0 7.5 -4.6 14.4 6.1 4.4 6.5 6.8 2.4 2.8 n ■ Emerging-Markets Bonds c 0.1 6.8 -2.3 0.9 -2.9 3.0 5.4 -8.3 8.7 5.9 3.6 5.7 6.6 1.1 2.3 ■ Investment-Grade Bonds e -2.5 5.0 -2.6 0.1 -2.9 2.6 3.5 -10.0 7.5 5.2 3.2 5.3 4.2 0.0 1.8 ■ Inflation-Protected Bonds -12.1 4.2 -5.6 -1.8 -3.8 0.3 1.9 -13.9 6.9 2.8 3.0 5.1 0.1 -1.0 1.4 ■ Municipal Bonds Worst -18.2 0.1 -6.6 -4.2 -14.6 0.2 0.9 -14.2 2.3 0.7 1.2 1.4 -0.3 -1.6 -0.0 ■ Short-Term Bonds Dispersion 28.9 18.5 43.4 17.9 28.2 17.3 36.9 16.1 34.1 37.8 22.5 23.8 58.1 18.7 11.9 of Returns*

Periods greater than one year are annualized. Source: FMR *Difference between best- and worst-performing asset classes over the given time period You cannot invest directly in an index. Past performance is no guarantee of future results. U.S. Core Stocks - S&P 500 Index, U.S. Growth Stocks - Russell 1000 Growth Index, U.S. Value Stocks - Russell 1000 Value Index, U.S. SMID-Cap (Small- and Mid-cap) Stocks - Russell 2500 Index, Non-U.S. Developed-Markets Stocks - MSCI World ex USA Net Mass, Emerging-Markets Stocks - MSCI Emerging Markets Index, High-Yield Bonds - ICE BofA U.S. High Yield Constrained Index, Emerging-Markets Bonds - J.P. Morgan Emerging Markets Bond Index Global, Investment-Grade Bonds - Bloomberg Barclays U.S. Aggregate Bond Index, Inflation-Protected Bonds - Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected Sevurities (TIPS) Index (Series-L), Municipal Bonds - Bloomberg Barclays Municipal Bond Index, Short-Term Bonds - Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Q&A

An interview with Chief Investment Officer Paul Quistberg

Paul Quistberg Chief Investment Officer Q: Paul, how did the Strategic Advisers Funds perform in the second quarter of 2021฀ Quite well. Most of the Funds either topped or performed generally in line with their respective benchmarks. Many also Overview of Strategic Advisers Funds outperformed their peer group averages. Looking back over the trailing twelve months, 10 of 12 Funds were ahead of "What are the Strategic Advisers Funds฀" their benchmarks. • Strategic Advisers Funds are mutual funds, offered Q: What were some of the key drivers of Fund exclusively to clients enrolled in Fidelity® Wealth performance the past three months฀ Services. Each Strategic Advisers Fund, also referred to as a multi-structure fund, owns various There were two dominant themes during the quarter. After investment vehicles in a single fund to achieve a rising in Q1, long-term bond yields fell in Q2. Also, investors specific investment objective. These Funds can rotated from value stocks to growth stocks, with large- and serve as the primary building blocks for your mid-cap growth equities leading the way. Fidelity managed account. In terms of the U.S. economy, there was a tug-of-war • Strategic Advisers LLC, the investment adviser for between higher inflation and growth expectations. the Funds, selects affiliated sub-advisers, Questions arose as to whether the uptick in inflation will unaffiliated sub-advisers (Blended only), mutual persist or be a short-term phenomenon. This factor, along funds, exchange-traded funds (ETFs), and other with a resurgence in COVID-19 cases, sparked a degree of investments for each Fund. concern among investors about the possible impact on the • Our investment process combines proprietary economic recovery. research and investment selection with ongoing Meanwhile, the U.S. Federal Reserve (Fed) kept its policy monitoring and oversight. Combining various extremely accommodative, which should continue to investment vehicles with differing, but support risk assets. Moreover, ample investor cash, complementary, investment styles can be critical to corporate earnings strength and an eventual fiscal stimulus managing risk and enhancing returns over time. package are additional supportive factors, in my view. "What does this mean to you฀" Of course, possible adverse COVID-19 developments could Strategic Advisers believes there are several benefits lead to pockets of disruption in markets. Though we're to using these Funds, including: encouraged by the high vaccination rate in the U.S., we will continue to monitor this situation closely. • Access: These Funds allow us to provide you access to institutional strategies within your Fidelity Within this environment, I think our fixed-income funds really Wealth Services account that are not available to stood out. I was pleased to see that they could outperform retail investors. when interest rates rose last quarter, only to gain further ground when rates declined this period. • Control: These Funds provide the opportunity for better control of the investment strategy and risks. Q: What are your closing thoughts for clients฀ We can define specific investment mandates for sub-advisers, a level of control not available Last year, despite the challenges presented by COVID-19, through mutual funds or ETFs. our team executed well on our goal of delivering superior results for our clients. As we continued to work closely with • Pricing: Negotiated management fee schedules the Fidelity and non-Fidelity managers that comprise our with sub-advisers can help lower overall Fund Funds, I'm pleased that the first half of 2021 was a costs. continuation of that trend. ■

3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - U.S. Stocks

Strategic Advisers® Large Cap Fund (FALCX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Large Cap Fund (the Fund) is a multi- manager investment strategy that seeks capital appreciation by investing primarily in securities and shares of funds with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000® Index or the S&P 500® Index).

FUND RISKS John Stone Lead Manager 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 Portfolio Manager Discussion foreign markets. Foreign securities are subject to interest rate, "For the three months ending June 30, 2021, the currency exchange rate, economic, and political risks. Value and Fund gained 8.59%, slightly outpacing the 8.55% growth stocks can perform differently from other types of stocks. advance of the benchmark S&P 500® Index and Growth stocks can be more volatile. Value stocks can continue to topping the Morningstar peer group average. There be undervalued by the market for long periods of time. The fund were two distinct periods during the quarter. The first 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 half was largely a continuation of the market strength underlying funds. Securities selected using quantitative analysis we saw in Q1, fueled by growing enthusiasm about can perform differently from the market as a whole as a result of the reopening of the U.S. economy. In the second the factors used in the analysis, the weight placed on each half, however, investor concerns about a COVID-19 factor, and changes in the factors' historical trends. resurgence , higher inflation and peaking economic growth led to underperformance across economically MANAGER ALLOCATION sensitive sectors. Manager Portfolio Weight "Fidelity® Growth Company Fund (+13%) was the Sub-Adviser Total 79.5% Fund's top relative contributor. Its higher-growth orientation style and focus on mega-cap technology T ROWE PRICE ASSOCIATES INC U.S. Equity 21.7% stocks, helped it handily outpace the benchmark. J.P. Morgan Investment Mgmt Inc. U.S. Equity 10.8% Sub-adviser Principal Global Investors (+15%), which AllianceBernstein L.P. U.S. Equity 7.8% pursues an opportunistic growth strategy with a Brandywine Global Investment Management 7.2% quality bias, also added notable value. This manager U.S. Equity benefited from an overweighting in tech stocks – one LSV Asset Management U.S. Equity 6.5% of the best-performing groups in the benchmark – FIAM LLC U.S. Equity - Sector Managed 6.0% along with strong security selection in the sector. Underweighting consumer staples and utilities, the PineBridge Investments LLC U.S. Equity 5.7% two weakest-performing groups, also helped. J.P. Morgan Investment Mgmt Inc. U.S. Equity 3.7% "In contrast, sub-advisers LSV Asset Management Loomis Sayles & Co L.P. U.S. Equity 3.0% (+5%) and Brandywine Global Investment Clarivest Asset Management LLC U.S. Equity 2.4% Management (+6%) detracted the most. LSV pursues Principal Global Investors LLC U.S. Equity 2.4% a quantitative deep-value approach focused on ClearBridge Investments LLC U.S. Equity 2.3% economically sensitive stocks. Brandywine, Top Mutual Fund Positions 12.1% meanwhile, emphasizes traditional value metrics and provides core exposure to large-cap value equities. Fidelity Growth Company Fund 6.3% Both were hampered by underweightings in Fidelity SAI U.S. Large Cap Index Fund 3.4% technology. LSV also was hurt by adverse picks in Fidelity SAI U.S. Low Volatility Index Fund 2.4% communication services and consumer staples. Remaining Investments 8.4% "Looking ahead, we plan to maintain the Fund's pro- Manager allocations are as of the end of the reporting period and may not cyclical positioning, but are mindful of near-term risks be representative of the fund's current or future investments. Excludes facing these strategies as the U.S. economy shifts to a money market investments. mid-cycle recovery. In Q2, we sought to lower portfolio volatility by reducing exposure to deep- value and aggressive-growth managers."

4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - U.S. Stocks

Strategic Advisers® Small-Mid Cap Fund (FSCFX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Small-Mid Cap Fund (the Fund) is a multi- manager investment strategy that seeks capital appreciation by investing primarily in stocks of small- and mid-cap companies, as defined by the Russell 2500® Index.

FUND RISKS Stock markets are volatile and can decline significantly in Barry Golden response to adverse issuer, political, regulatory, market, or Portfolio Manager economic developments. These risks may be magnified in foreign markets. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The Portfolio Manager Discussion securities of smaller, less well-known companies can be more "For the three months ending June 30, 2021, the volatile than those of larger companies. The fund can invest in Fund rose 5.66%, outpacing the 5.44% increase in the ETFs which may trade at a discount to their NAV. Fund of funds benchmark Russell 2500 Index, and topping the bear the risks of the investment strategies of their underlying Morningstar peer group average by a slightly wider funds. margin. There were two distinct periods during the quarter. The first half was largely a continuation of the MANAGER ALLOCATION market strength we saw in Q1, fueled by growing Manager Portfolio Weight enthusiasm about the reopening of the U.S. Sub-Adviser Total 83.6% economy. In the second half, however, investor J.P. Morgan Investment Mgmt Inc. U.S. Equity 12.2% concerns about a COVID-19 resurgence, higher inflation and peaking economic growth led to ArrowMark Partners U.S. Equity 12.1% underperformance across economically sensitive LSV Asset Management U.S. Equity 10.6% sectors. Within the small/mid-cap market, growth and Boston Partners Global Investors Inc U.S. Equity 8.8% larger-cap stocks outperformed value and small-caps. - Small-Mid Cap Value AllianceBernstein L.P. U.S. Equity - Small-Mid "Sub-adviser Portolan Capital Management (+12%) 8.7% Cap Value was the Fund's top relative contributor. This manager's flexible, opportunistic approach has Portolan Capital Management U.S. Equity 7.4% delivered consistently strong relative performance ArrowMark Partners U.S. Equity 6.1% since early 2020. This quarter, it benefited from solid AllianceBernstein L.P. U.S. Equity - Small-Mid 4.8% investment choices among consumer discretionary Cap and technology stocks, along with outsized exposure Rice Hall James U.S. Equity - Small-Mid Cap 4.7% to the market-leading energy sector. Sub-adviser Geode U.S. Equity 3.1% Victory Capital Management (+8%), which employs a Victory Capital Management Inc U.S. Equity 2.7% quality growth strategy with an aggressive-growth tilt, River Road Asset Managment, LLC U.S. Equity - also lifted relative performance, aided by picks in 2.4% health care and industrials. Small-Mid Cap Value Top Mutual Fund Positions 9.2% "In contrast, sub-adviser LSV Asset Management Fidelity Small Cap Index Fund 6.9% (+4%) detracted the most. LSV pursues a quantitative deep-value approach focused on economically T. Rowe Price Institutional Small-Cap Stock Fund 2.3% sensitive stocks. It faced a style headwind in Q2 and Remaining Investments 7.2% also struggled due to outsized exposure in the weak- Manager allocations are as of the end of the reporting period and may not performing financials sector, along with an be representative of the fund's current or future investments. Excludes underweighting in energy. money market investments. "With the rebalancing of the Fund's benchmark, the portfolio was slightly more defensively positioned as of June 30. Looking ahead, I plan to maintain the Fund's pro-cyclical positioning, but am mindful of near-term risks facing economically sensitive strategies as the U.S. economy shifts to a mid-cycle recovery."

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - International Stocks

Strategic Advisers® International Fund (FILFX)

FUND OBJECTIVE/APPROACH Strategic Advisers® International Fund (the Fund) is a multi- manager investment strategy that seeks capital appreciation by investing primarily in a broadly diversified portfolio of non-U.S. equity securities.

FUND RISKS Foreign securities are subject to interest-rate, currency- Wilfred Chilangwa exchange-rate, economic, and political risks, all of which may be Portfolio Manager magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These Portfolio Manager Discussion risks may be magnified in foreign markets. The fund can invest in "For the three months ending June 30, 2021, the ETFs which may trade at a discount to their NAV. Fund of funds Fund gained 4.78%, trailing the 5.26% advance of the bear the risks of the investment strategies of their underlying benchmark MSCI EAFE Index and also modestly funds. lagging the Morningstar peer group average. Within international developed markets (DM), quality-growth MANAGER ALLOCATION investment strategies fared well, while more Manager Portfolio Weight economically sensitive value- and momentum- Sub-Adviser Total 46.5% oriented approaches trailed. At the country level, MFS International Value - Equity 8.2% several European markets generated strong returns, most notably Switzerland and Denmark, whereas T ROWE PRICE International Equity 7.5% Japan underperformed. Canada also did well, aided Causeway Capital Mgmt LLC International 6.8% by rising energy and commodity prices. Equity Thompson Siegel & Walmsley LLC International 6.2% "Sub-adviser Causeway Capital Management (+2%) Equity performed somewhat worse than expected and was Arrowstreet Capital, LP International Equity 6.1% the Fund's primary relative detractor. This manager employs a traditional value approach that, in Q2, MFS International Equity - Research 6.1% resulted in adverse security selection across several William Blair Invst Mgmt International Equity 5.6% sectors, mostly in Europe and the U.K. A position in Top Mutual Fund Positions 37.5% ® the iShares Japan exchange-traded fund (ETF, +1%) Fidelity International Discovery Fund 5.5% also hurt. I would highlight that this ETF was held to Fidelity SAI Japan Stock Index Fund 5.3% help offset the sizable aggregate underweighting in Japan across the larger Fund's active managers. Oakmark International Fund Investor Class 4.2% During the period, we replaced this ETF with Fidelity® Artisan International Value Fund Investor Class 4.0% SAI Japan Stock Index Fund. Fidelity SAI International Value Index Fund 4.0% "On the plus side, sub-adviser William Blair Fidelity Overseas Fund 3.2% Investment Management (+10%) handily WCM Focused International Growth Fund 3.1% outperformed the benchmark and was the top Investor Class relative contributor. The manager employs an Fidelity Diversified International Fund 2.9% opportunistic, all-country, quality-growth strategy. JOHCM International Select Fund Class II 2.8% Favorable stock picks in Europe ex U.K. and emerging Shares markets, particularly in the health care and consumer Pear Tree Polaris Foreign Value Fund 2.5% discretionary sectors, fueled its return. The Institutional Shares International Intrinsic Value strategy from sub-adviser Remaining Investments 16.0% MFS (+7%) also added value. This manager did a nice job with investment choices among materials stocks 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 in continental Europe and U.K. industrial companies. money market investments. As of June 30, after making a number of adjustments to the Fund during the past two quarters, I plan to keep our manager allocations relatively consistent for now."

6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - International Stocks

Strategic Advisers® Emerging Markets Fund (FSAMX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Emerging Markets Fund (the Fund) is a multi- manager investment strategy that seeks capital appreciation by investing primarily in a broadly diversified portfolio of emerging- markets equity securities.

FUND RISKS Foreign securities are subject to interest-rate, currency- Wilfred Chilangwa exchange-rate, economic, and political risks, all of which may be Portfolio Manager magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These Portfolio Manager Discussion risks may be magnified in foreign markets. The fund can invest in "For the three months ending June 30, 2021, the ETFs which may trade at a discount to their NAV. Fund of funds Fund rose 4.34%, trailing the 5.04% increase in the bear the risks of the investment strategies of their underlying benchmark MSCI Emerging Markets (EM) Index, and funds. also lagging the Morningstar peer group average. Within EM, value-oriented sectors – especially MANAGER ALLOCATION industrials, energy and materials – continued to Manager Portfolio Weight outperform, along with health care. Regionally, China Sub-Adviser Total 61.8% weakened, while several markets that had struggled FIAM LLC Emerging Markets Equity 14.6% previously, including Brazil and Russia, fared well. Optimism that economic conditions may begin to Schroders Emerging Markets Equity 12.9% improve throughout Latin America buoyed Brazil. Acadian Asset Management LLC Emerging 6.9% Additionally, rising energy prices aided both Brazilian Markets Equity and Russian equities. T ROWE PRICE Emerging Markets Equity 6.8% Causeway Capital Mgmt LLC Emerging Markets "Sub-advisers Schroders (+3%) and T. Rowe Price 5.5% Equity (+2%) were the Fund's biggest relative detractors. Schroders employs an all-weather approach that Somerset Capt Mgt Emerging Markets Equity 4.9% FIAM LLC Emerging Markets Equity - seeks to add value through security selection and 4.9% country positioning, while T. Rowe Price follows a Concentrated growth-at-a-reasonable-price strategy with a quality FIL Investment Advisors (Bermuda) Emerging 2.8% bias. Subpar spicks in China and Taiwan hampered Markets Equity - Greater China both managers' performance in Q2. Schroders' FIL Investment Advisors (Bermuda) Emerging 2.5% adverse positioning in industrials also hurt while Markets Equity investment choices in consumer discretionary Top Mutual Fund Positions 30.3% weighed on T. Rowe Price's result. Fidelity Emerging Markets Fund 7.3% "Conversely, sub-adviser Acadian Asset Management Fidelity SAI Emerging Markets Low Volatility 5.8% (+8%) contributed the most. This manager follows a Index Fund quantitative strategy that combines top-down country Fidelity SAI Emerging Markets Value Index Fund 5.0% and economic inputs, with bottom-up fundamental Fidelity SAI Emerging Markets Index Fund 4.0% research. Security selection in Taiwan, India and Goldman Sachs Emerging Markets Equity Fund 3.3% South Korea fueled its outperformance. Sector-wise, Institutional Shares picks among industrials and consumer discretionary Invesco Developing Markets Fund Class R6 2.6% stocks added helped most. Growth-oriented Aberdeen Emerging Markets Fund Institutional Goldman Sachs Emerging Markets Equity Fund (+7%) 2.3% Service Class and Fidelity® SAI Emerging Markets Low Volatility Index Fund (+6%) modestly contributed as well. Remaining Investments 7.9% Investment choices in China and underweighting that Manager allocations are as of the end of the reporting period and may not lagging market aided both funds. Looking ahead, as be representative of the fund's current or future investments. Excludes money market investments. our underlying managers seek to capitalize on opportunities in Asia, Latin America and elsewhere, I plan to maintain a well-diversified portfolio with limited style tilts."

7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - Bonds

Strategic Advisers® Core Income Fund (FPCIX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Core Income Fund (the Fund) is a multi- manager investment strategy that seeks high current income by investing primarily in U.S. investment-grade debt securities.

FUND RISKS In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond Jonathan Duggan prices usually fall, and vice versa. This effect is usually more Portfolio Manager pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond Portfolio Manager Discussion funds do not have a maturity date, so avoiding losses caused by "For the three months ending June 30, 2021, the price volatility by holding them until maturity is not possible. The Fund gained 2.22%, outpacing the 1.83% advance of fund may invest in lower-quality debt securities that involve the benchmark Bloomberg Barclays U.S. Aggregate greater risk of default or price changes due to potential changes Bond Index, and also topping the Morningstar peer in the credit quality of the issuer. Prepayment of principal prior group average. Despite the ongoing economic to a securities maturity can cause greater price volatility if interest rates change. Foreign securities are subject to interest recovery, long-term bond yields declined, but credit rate, currency exchange rate, economic, and political risks, all of spreads continued to tighten. Against this backdrop, which may be magnified in emerging markets. The fund can long-term corporate and government debt performed invest in securities that may have a leveraging effect (such as well. Factors driving interest rates lower included derivatives and forward-settling securities) that may increase strong demand for long-dated debt from investors market exposure, magnify investment risks, and cause losses to overseas, concern about the delta variant of COVID- be realized more quickly. The fund can invest in ETFs which may 19, and the possibility of a smaller-than-anticipated trade at a discount to their NAV. Fund of funds bear the risks of fiscal stimulus package. the investment strategies of their underlying funds. "Within the Fund, the biggest relative contributors included the iShares® 20+ Year Treasury Bond MANAGER ALLOCATION exchange-traded fund (+7%, ETF), the Core Manager Portfolio Weight ® Investment Grade strategy from sub-adviser FIAM Sub-Adviser Total 32.1% (+2%) and Western Asset Core Plus Bond Fund (+3%). FIAM LLC Taxable Bond - Core 13.8% The iShares ETF – which I hold for risk-management purposes – benefited from falling interest rates and a TCW Taxable Bond - Core 5.9% flattening yield curve. An overweighting in corporate PGIM, Inc. Taxable Bond - Core 5.4% credit drove FIAM's outperformance, while Western PGIM, Inc. Taxable Bond 4.7% Asset received a substantial boost from holdings of FIAM LLC Fixed Income Securitized 2.3% emerging-market debt, high-yield corporate bonds Top Mutual Fund Positions 56.6% and lower-quality securitized credit. PIMCO Total Return Fund Institutional Class 14.1% "On the downside, a different FIAM strategy, Fixed Fidelity SAI Total Bond Fund 14.1% Income Securitized (0.6%), weighed on the Fund's Western Asset Core Plus Bond Fund Class I 7.6% relative result. Credit spreads widened on mortgage- backed securities (MBS) due to declining interest Western Asset Core Bond Fund Class I 5.2% rates, but also amid concern that the Fed may reduce DoubleLine Total Return Bond Fund Class N 3.2% its holdings of MBS first when it begins tapering is Voya Intermediate Bond Fund Class I 3.0% bond-purchase program. PIMCO Mortgage Opportunities Fund 2.7% "During Q2, I increased exposure to core strategies, Institutional Class such as Fidelity® U.S. Bond Index Fund, Fidelity® SAI PIMCO Income Fund Institutional Class 2.5% U.S. Treasury Bond Fund and American Funds Bond Fidelity Investments Money Market Government 2.2% Fund of America, while maintaining liquidity in the Portfolio Institutional Class 0.01% portfolio. As of June 30, with interest rates low and iShares 20+ Year Treasury Bond ETF 2.0% credit spreads tight, I am planning to maintain Remaining Investments 11.3% sufficient liquidity and do not anticipate adding Manager allocations are as of the end of the reporting period and may not significant risk in the near term." be representative of the fund's current or future investments. Excludes money market investments.

8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - Bonds

Strategic Advisers® Income Opportunities Fund (FPIOX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Income Opportunities Fund (the Fund) is a multi-manager investment strategy that seeks high current income with consideration for capital appreciation by investing primarily in high-yielding, lower-quality debt securities.

FUND RISKS In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond Chip Sterling Jonathan Duggan prices usually fall, and vice versa. This effect is usually more Lead Manager Co-Manager pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both Portfolio Manager Discussion issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by "For the three months ending June 30, 2021, the price volatility by holding them until maturity is not possible. The Fund rose 2.86%, outpacing the 2.77% increase in the fund may invest in lower-quality debt securities that involve benchmark ICE BofASM U.S. High Yield Constrained greater risk of default or price changes due to potential changes Index and also topping the Morningstar peer group in the credit quality of the issuer. Prepayment of principal prior average. High-yield bonds registered another solid to a securities maturity can cause greater price volatility if quarter, fueled by an accelerating U.S. economic interest rates change. Foreign securities are subject to interest recovery, better-than-expected first quarter corporate rate, currency exchange rate, economic, and political risks, all of earnings, a sharp rise in oil prices and declining long- which may be magnified in emerging markets. The fund can term bond yields. From a sector perspective, lower- invest in ETFs which may trade at a discount to their NAV. Fund quality energy issuers fared the best. of funds bear the risks of the investment strategies of their underlying funds. "Within the Fund, Fidelity® Capital & Income Fund (+4%) and BlackRock High Yield Bond Fund (+3%) MANAGER ALLOCATION were the biggest relative contributors. Fidelity's opportunistic strategy, which included a sizable Manager Portfolio Weight allocation to stocks of heavily indebted companies, Sub-Adviser Total 47.2% continued to work well in a generally supportive risk PGIM, Inc. High Income Bonds 19.8% environment. In fact, the fund's equity exposure rose FIAM LLC High Income Bonds 14.9% about 11%, outperforming both the S&P 500® and T ROWE PRICE ASSOCIATES INC High Income NASDAQ Composite® indexes this period. BlackRock 12.5% Bonds benefited from carrying more risk than the broader market and from its energy holdings. Top Mutual Fund Positions 53.1% Artisan High Income Fund Investor Shares 11.8% "On the downside, Artisan High Income Fund (+2%) and Vanguard High-Yield Corporate Fund (+2%) BlackRock High Yield Bond Portfolio Class K 11.6% marginally detracted versus the benchmark. A large Fidelity Capital & Income Fund 10.6% allocation to high-yield bank loans dampened MainStay High Yield Corporate Bond Fund Class 7.7% Artisan's return, as loans lagged bonds, while A generally more defensive positioning weighed on Vanguard High-Yield Corporate Fund Admiral 7.5% Vanguard. Shares "During Q2, we continued to reduce exposure to Eaton Vance Income Fund of Boston Class A 3.9% defensively oriented managers while adding to those Remaining Investments -0.3% with substantial equity exposure, as well as managers Manager allocations are as of the end of the reporting period and may not pursuing more all-weather strategies. Specifically, we be representative of the fund's current or future investments. Excludes added to Fidelity Capital & Income and sub-adviser T. money market investments. Rowe Price, while trimming Vanguard. "As of June 30, we have a positive outlook for the economy, corporate fundamentals and the market's supply-and-demand backdrop. As a result, we plan on maintaining the Fund's current risk positioning."

9 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - Short-Term

Strategic Advisers® Short Duration Fund (FAUDX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Short Duration Fund (the Fund) is a multi- manager investment strategy that seeks current income with preservation of capital by investing primarily in short-term, U.S. investment-grade fixed-income securities.

FUND RISKS In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond Jonathan Duggan Chris Heavey prices usually fall, and vice versa. This effect is usually more Lead Manager Co-Manager pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both Portfolio Manager Discussion issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by "For the three months ending June 30, 2021, the price volatility by holding them until maturity is not possible. Fund gained 0.22%, outperforming the 0.02% Foreign securities can be more volatile than U.S. markets due to advance of the benchmark FTSE® 6-Month U.S. increased risks of adverse issuer, political, regulatory, market or Treasury Bill Index and also topping the Morningstar economic developments . The fund can invest in securities that peer group average. During the quarter, longer-term may have a leveraging effect (such as derivatives and forward- bond yields declined, short-term yields rose slightly settling securities) which may increase market exposure, magnify and the yield curve flattened. Concern that higher investment risks, and cause losses to be realized more quickly. inflation and an accelerating economic recovery The fund can invest in ETFs which may trade at a discount to could prompt the Fed to pare back its their NAV. Fund of funds bear the risks of the investment accommodative monetary policy lifted short-term strategies of their underlying funds. yields. Then, in mid-June, the Fed signaled that it expects to raise interest rates by late 2023, sooner MANAGER ALLOCATION than investors anticipated. Despite this uncertainty, Manager Portfolio Weight short-term credit spreads continued to tighten and risk assets fared well. Sub-Adviser Total 38.0% FIAM LLC Taxable Bond 26.6% "Within the Fund, sub-advisers FIAM® (+0.2%) and T. T ROWE PRICE Municipal Bond 11.4% Rowe Price (+0.3%) added value versus the benchmark. The overwhelming majority of FIAM's Top Mutual Fund Positions 53.2% portfolio was invested in high-quality, floating-rate PIMCO Short-Term Fund Institutional Class 13.6% corporate bonds, many of which were issued by Baird Ultra Short Bond Fund Institutional Class 6.3% financial institutions. This manager also had Fidelity Investments Money Market Government 5.3% substantial exposure to asset-backed securities (ABS). Portfolio Institutional Class 0.01% The higher yields offered by this combination of PIMCO Enhanced Short Maturity Active ETF 5.2% holdings helped the strategy outperform. T. Rowe Price had marginally greater interest-rate sensitivity Fidelity SAI Short-Term Bond Fund 4.6% BlackRock Low Duration Bond Portfolio Investor than the broader benchmark and benefited as rates 4.4% at the longer end of the short-term yield curve A Shares declined. Positions in corporate credit further aided T. Rowe Price Ultra Short-Term Bond Fund 3.7% this manager's performance. I'm pleased to report iShares Short Maturity Bond ETF 3.4% that there were no material relative detractors for the Metropolitan West Low Duration Bond Fund - 3.4% period. Class M "We organize the Fund's investments into three JPMorgan Ultra-Short Income ETF 3.3% categories: money market/low volatility; low duration Remaining Investments 8.8% (averaging less than one year); and short-term (an Manager allocations are as of the end of the reporting period and may not average duration of one to two years). Given the be representative of the fund's current or future investments. Excludes extended valuation of investment-grade credit, we money market investments. reduced credit risk in the portfolio in Q1 and maintained that positioning this quarter. As of June 30, roughly three-quarters of the Fund's assets were allocated to money market and low duration strategies."

10 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 BLENDED - Short-Term

Strategic Advisers® Tax-Sensitive Short Duration Fund (FGNSX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Tax-Sensitive Short Duration Fund (the Fund) is a multi-manager investment strategy that seeks to provide a high level of after-tax income and preservation of capital by investing primarily in U.S. dollar denominated municipal money market securities and high-quality investment grade municipal debt, whose interest is exempt from federal income tax.

FUND RISKS Chris Heavey Jonathan Duggan In general the bond market is volatile, and fixed income Lead Manager Co-Manager securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more Portfolio Manager Discussion pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both "For the three months ending June 30, 2021, the issuers and counterparties. Unlike individual bonds, most bond Fund rose 0.22%, outpacing the 0.05% increase in the funds do not have a maturity date, so avoiding losses caused by benchmark Strategic Advisers® Tax-Sensitive Short- price volatility by holding them until maturity is not possible. The Duration Composite Index. During the quarter, fund may invest in lower-quality debt securities that involve longer-term bond yields declined, short-term yields greater risk of default or price changes due to potential changes rose slightly and the yield curve flattened. Concern in the credit quality of the issuer. Prepayment of principal prior that higher inflation and an accelerating economic to a securities maturity can cause greater price volatility if recovery could prompt the Fed to pare back its interest rates change. The municipal market is volatile and can accommodative monetary policy lifted short-term be significantly affected by adverse tax, legislative, or political yields. Despite this uncertainty, short-term credit changes and the financial condition of the issuers of municipal spreads continued to tighten and risk assets fared securities. The fund can invest in securities that may have a well. In the municipal market, the supply/demand leveraging effect (such as derivatives and forward-settling backdrop remained favorable. State and local securities) that may increase market exposure, magnify governments continued to issue a substantial amount investment risks, and cause losses to be realized more quickly. of bonds in the taxable, rather than tax-exempt, The fund can invest in ETFs which may trade at a discount to market. their NAV. Fund of funds bear the risks of the investment strategies of their underlying funds Separate investment "Within the Fund, two strategies from sub-adviser decisions and the resulting purchase and sale activities of the FIAM® – Limited Term Municipal Income (+0.4%) and fund's sub-advisers might adversely affect the fund's Conservative Income Municipal Bond (+0.2%) – were performance or lead to disadvantageous tax consequences. key relative contributors, as was the Ultra-Short Fixed Securities selected using quantitative analysis can perform Income mandate from Wells Capital (+0.2%). FIAM differently from the market as a whole. Limited Term had marginally greater interest-rate sensitivity than the broader benchmark and benefited MANAGER ALLOCATION as rates at the longer end of the short-term yield Manager Portfolio Weight curve declined. Additionally, it and Wells were aided Sub-Adviser Total 66.6% by exposure to long-maturity, low-quality bonds, where spreads tightened more than short-term Wells Capital Management Inc Taxable Bond 20.9% credits. FIAM Conservative Income added value T ROWE PRICE Municipal Bond 18.4% through positioning in municipal bonds with BBB FIAM LLC Municipal Bond - Conservative 17.6% credit ratings. On the downside, the Fund's cash was Income a marginal relative detractor. FIAM LLC Municipal Bond - Limited Term 9.7% "In our view, credit fundamentals for municipal Top Mutual Fund Positions 32.6% issuers remain favorable, bolstered by support from JPMorgan Ultra-Short Municipal Fund Class I 11.5% the federal government. If the Build Back Better Fidelity Investments Money Market Government 9.3% American Jobs Plan is financed by raising corporate Portfolio Institutional Class 0.01% taxes, we think that will stimulate demand for Fidelity SAI Municipal Money Market Fund .01% 8.5% municipals from banks and insurance companies – a Vanguard Short-Term Tax-Exempt Fund Admiral 3.3% development that could provide further support to Shares the market from a technical standpoint." Remaining Investments 0.8%

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.

11 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 FIDELITY - U.S. Stocks

Strategic Advisers® Fidelity U.S. Total Stock Fund (FCTDX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Fidelity U.S. Total Stock Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in U.S. common stocks and in shares of U.S. common stock funds.

FUND RISKS Stock markets, especially foreign markets, are volatile and can Barry Golden decline significantly in response to adverse issuer, political, Portfolio Manager regulatory, market, or economic developments. Separate investment decisions and the resulting purchase and sale Portfolio Manager Discussion activities of the fund's sub-advisers might adversely affect the fund's performance or lead to disadvantageous tax "For the three months ending June 30, 2021, the consequences. The fund bears all risks of investment strategies Fund gained 8.24%, slightly trailing the 8.29% employed by the underlying funds, including the risk that the advance of the benchmark Dow Jones U.S. Total underlying funds will not meet their investment objectives. Stock Market Index but topping the Morningstar peer Securities selected using quantitative analysis can perform group average. There were two distinct periods differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and during the quarter. The first half was largely a changes in the factors' historical trends. continuation of the market strength we saw in Q1, fueled by growing enthusiasm about the reopening of the U.S. economy. In the second half, however, MANAGER ALLOCATION investor concerns about a COVID-19 resurgence, Manager Portfolio Weight higher inflation and peaking economic growth led to Sub-Adviser Total 46.8% underperformance across economically sensitive FIAM LLC U.S. Equity - Sector Managed 17.2% sectors. FIAM LLC U.S. Equity 10.4% ® "Fidelity Growth Company Fund (+13%) was the FIAM LLC U.S. Equity - Value Discovery 9.1% Fund's top relative contributor. Its higher-growth FIAM LLC U.S. Equity - Small-Mid Cap Core 6.0% orientation and focus on mega-cap technology stocks helped it handily outpace the benchmark. Fidelity® FIAM LLC U.S. Equity - Intrinsic Opportunities 4.1% Contrafund (+12%), which pursues an opportunistic Top Mutual Fund Positions 50.5% growth strategy with a quality bias and emphasis on Fidelity SAI U.S. Quality Index Fund 11.3% large-cap stocks, also was a key contributor. It Fidelity Growth Company Fund 10.4% benefited from solid picks among technology stocks, Fidelity Contrafund 6.0% along with favorable sector positioning in communication services this period. Fidelity Large Cap Value Enhanced Index Fund 5.0% Fidelity Magellan Fund 4.7% "On the downside, the Value Discovery strategy from Fidelity SAI U.S. Value Index Fund 3.9% sub-adviser FIAM® (+6%) and Fidelity® SAI U.S. Value Index Fund (+4%) detracted the most. Value stocks Fidelity SAI U.S. Low Volatility Index Fund 3.5% lagged their growth counterparts in Q2, proving to be Fidelity Small Cap Index Fund 3.0% a headwind for both of these approaches. Sector- Fidelity SAI U.S. Momentum Index Fund 2.7% wise, both were hurt by adverse positioning in tech. Remaining Investments 2.7% FIAM Value Discovery also underperformed due to an Manager allocations are as of the end of the reporting period and may not overweighting in the poor-performing utilities sector be representative of the fund's current or future investments. Excludes and subpar investment choices in energy. money market investments. "Looking ahead, I plan to maintain the Fund's pro- cyclical positioning, but am mindful of near-term risks facing economically sensitive strategies as the U.S. economy shifts to a mid-cycle recovery. Furthermore, cyclical companies will need to continue generating earnings growth for their stocks to outperform."

12 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 FIDELITY - International Stocks

Strategic Advisers® Fidelity International Fund (FUSIX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Fidelity International Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in a broadly diversified portfolio of non-U.S. equity securities.

FUND RISKS Foreign securities are subject to interest-rate, currency- Wilfred Chilangwa exchange-rate, economic, and political risks, all of which may be Portfolio Manager magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, Portfolio Manager Discussion regulatory, market, economic or other developments. These risks may be magnified in foreign markets. Fund of funds bear "For the three months ending June 30, 2021, the the risks of the investment strategies of their underlying funds. Fund rose 5.18%, slightly lagging the 5.26% increase in the benchmark MSCI EAFE Index but topping the MANAGER ALLOCATION Morningstar peer group average. Within international Manager Portfolio Weight developed markets (DM), quality-growth investment Sub-Adviser Total 14.7% strategies fared well, while more economically sensitive value- and momentum-oriented approaches FIAM LLC International Equity - Select 14.7% trailed. At the country level, several European Top Mutual Fund Positions 73.0% markets generated strong returns, most notably Fidelity SAI International Value Index Fund 19.6% Switzerland and Denmark, whereas Japan Fidelity Overseas Fund 11.3% underperformed. Canada also did well, aided by Fidelity International Discovery Fund 11.1% rising energy and commodity prices. Fidelity Diversified International Fund 9.8% "Fidelity® Overseas Fund (+8%) and Fidelity® Fidelity International Capital Appreciation Fund 8.3% Diversified International Fund (+7%) were the Fund's Fidelity SAI International Low Volatility Index foremost relative contributors. Fidelity Overseas 6.0% Fund seeks to own high-quality companies purchased at attractive prices that the manager believes can Fidelity SAI International Index Fund 2.7% Fidelity SAI International Small Capital Index outperform the market over the long term. Security 2.1% selection among industrials, health care and Fund communication services stocks – primarily in Europe Fidelity Advisor Japan Fund Class I 2.1% ex U.K. – fueled this fund's strong result. Fidelity Remaining Investments 12.3% Diversified International employs a growth-at-a- Manager allocations are as of the end of the reporting period and may not reasonable-price strategy, and its emphasis on quality be representative of the fund's current or future investments. Excludes helped in Q2. Specifically, sound investment choices money market investments. in industrials and health care, especially within Europe ex U.K. and Japan, added value. "On the downside, Fidelity® SAI International Value Index Fund (+4%) – our largest investment – detracted most. This fund tracks a custom index that includes only those DM stocks that meet specific valuation metrics. This period, its outsized exposure to the value portion of each sector in the benchmark was a headwind. Fidelity Advisor® Japan Fund (-1%) also hurt. I would highlight that this fund was held to help offset the sizable aggregate underweighting in Japan across the larger Fund's active managers. As of June 30, after making a number of adjustments to the Fund during the past two quarters, I plan to keep our manager allocations relatively consistent for now."

13 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 FIDELITY - International Stocks

Strategic Advisers® Fidelity Emerging Markets Fund (FGOMX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Fidelity Emerging Markets Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in a broadly diversified portfolio of emerging-markets equity securities.

FUND RISKS Foreign securities are subject to interest-rate, currency- exchange-rate, economic, and political risks, all of which may be Wilfred Chilangwa Antonio Martinez magnified in emerging markets. Stock markets are volatile and Co-Manager Co-Manager can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. The fund Portfolio Manager Discussion 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 "For the three months ending June 30, 2021, the underlying funds. Securities selected using quantitative analysis Fund gained 4.23%, trailing the 5.04% advance of the can perform differently from the market as a whole as a result of benchmark MSCI Emerging Markets (EM) Index and the factors used in the analysis, the weight placed on each also lagging the Morningstar peer group average. factor, and changes in the factors' historical trends. Within EM, value-oriented sectors – especially industrials, energy and materials – continued to MANAGER ALLOCATION outperform, along with health care. Regionally, China weakened, while several markets that had struggled Manager Portfolio Weight previously, including Brazil and Russia, fared well. Sub-Adviser Total 54.3% Optimism that economic conditions may begin to FIAM LLC Emerging Markets Equity - Select 22.7% improve throughout Latin America buoyed Brazil. FIAM LLC Emerging Markets Equity - 14.8% Additionally, rising energy prices aided both Brazilian Concentrated and Russian equities. FIL Investment Advisors (Bermuda) Emerging 13.4% "Within the Fund, the Global EM strategy from sub- Markets Equity - Global ® ® FIL Investment Advisors (Bermuda) Emerging adviser FIL (+3%) and Fidelity SAI Emerging Markets 3.4% Value Index Fund (+4%) detracted most this quarter. Markets Equity - Greater China FIL is a quality-growth strategy focused on companies Top Mutual Fund Positions 40.1% that the manager believes will generate strong Fidelity SAI Emerging Markets Value Index Fund 14.2% returns on assets. In Q2, however, subpar security Fidelity Emerging Markets Fund 11.7% selection in South Korea, positioning in South Africa and underweighted exposure to Brazil all worked Fidelity SAI Emerging Markets Index Fund 7.8% Fidelity SAI Emerging Markets Low Volatility against performance. Fidelity SAI EM Value Index 6.4% Fund tracks a custom index that includes only those Index Fund EM stocks that meet specific valuation metrics. Here, Remaining Investments 5.6% investment choices in China and Taiwan hurt its Manager allocations are as of the end of the reporting period and may not result. be representative of the fund's current or future investments. Excludes money market investments. "In contrast, a different FIL sub-advised strategy, Greater China (+7%), and Fidelity® SAI Emerging Markets Low Volatility Index Fund (+6%) contributed equally versus the benchmark. The former also is a quality-growth approach, with an emphasis on cash flow and corporate governance. The latter seeks to replicate the performance of an index of EM stocks that have exhibited lower volatility than the broad EM equity market. Favorable picks among consumer discretionary stocks in China fueled both strategies. "Looking ahead, as our underlying managers seek to capitalize on opportunities in Asia, Latin America and elsewhere, we plan to maintain a well-diversified portfolio with limited style tilts."

14 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021 FIDELITY - Bonds

Strategic Advisers® Fidelity Core Income Fund (FIWGX)

FUND OBJECTIVE/APPROACH Strategic Advisers® Fidelity Core Income Fund (the Fund) is a multi-manager investment strategy that seeks a high level of current income by investing primarily in U.S. investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.

FUND RISKS

Jonathan Duggan In general the bond market is volatile, and fixed income Portfolio Manager securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more Portfolio Manager Discussion pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both "For the three months ending June 30, 2021, the issuers and counterparties. Unlike individual bonds, most bond Fund rose 2.26%, outpacing the 1.83% increase in the funds do not have a maturity date, so avoiding losses caused by benchmark Bloomberg Barclays U.S. Aggregate Bond price volatility by holding them until maturity is not possible. The Index and also topping the Morningstar peer group fund may invest in lower-quality debt securities that involve average. Despite the ongoing economic recovery, greater risk of default or price changes due to potential changes in the credit quality of the issuer. Prepayment of principal prior long-term bond yields declined, but credit spreads to a securities maturity can cause greater price volatility if continued to tighten. Against this backdrop, long- interest rates change. Foreign securities are subject to interest term corporate and government debt performed rate, currency exchange rate, economic, and political risks, all of well. Factors driving interest rates lower included which may be magnified in emerging markets. The fund can strong demand for long-dated debt from investors invest in securities that may have a leveraging effect (such as overseas, concern about the delta variant of COVID- derivatives and forward-settling securities) that may increase 19 and the possibility of a smaller-than-anticipated market exposure, magnify investment risks, and cause losses to fiscal stimulus package. be realized more quickly. The fund can invest in ETFs which may trade at a discount to their NAV. Fund of funds bear the risks of "The biggest relative contributors included Fidelity® the investment strategies of their underlying funds. SAI Long-Term Treasury Bond Index Fund (+7%), Fidelity® SAI Total Bond Fund (+2.3%) and the Core Investment Grade strategy from sub-adviser FIAM® MANAGER ALLOCATION (+2.3%). Fidelity SAI Long-Term Treasury Bond Index Manager Portfolio Weight – which I hold for risk-management purposes – Sub-Adviser Total 40.1% directly benefited from falling interest rates and a FIAM LLC Taxable Bond - Core 28.4% flattening yield curve. An overweighting in corporate FIAM LLC Taxable Bond - Securitized 11.7% credit drove FIAM's outperformance, while Fidelity SAI Total Bond received a substantial boost from Top Mutual Fund Positions 55.7% holdings of emerging-market debt, high-yield Fidelity SAI Total Bond Fund 29.4% corporate bonds and lower-quality securitized credit. Fidelity SAI U.S. Treasury Bond Index Fund 7.1% Fidelity SAI Long-Term Treasury Bond Index "On the downside, a different FIAM strategy, Fixed 3.8% Income Securitized (+0.6%), weighed on relative Fund performance the most. Credit spreads widened on Fidelity U.S. Bond Index Fund 3.7% mortgage-backed securities (MBS) due to declining Fidelity Investments Money Market Government 2.9% interest rates, but also amid concern that the Fed may Portfolio Institutional Class 0.01% reduce its holdings of MBS first when it begins Fidelity Corporate Bond Fund 2.3% tapering is bond-purchase program. Fidelity Floating Rate High Income Fund 2.2% "During Q2, I increased exposure to core strategies, Fidelity New Markets Income Fund 2.2% such as Fidelity U.S. Bond Index Fund and Fidelity SAI Fidelity Inflation-Protected Bond Index Fund 2.1% U.S. Treasury Bond Fund, while maintaining liquidity Remaining Investments 4.2% in the portfolio. As of June 30, with interest rates low and credit spreads tight, I am planning to maintain 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 sufficient liquidity and do not anticipate adding money market investments. significant risk in the near term."

15 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® Large Cap Fund (FALCX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Large Cap Fund* Gross Expense Ratio: 0.50%2 8.59% 16.77% 44.40% 18.99% 18.22% 14.30% Net Expense Ratio: 0.25% S&P 500 Index 8.55% 15.25% 40.79% 18.67% 17.65% 14.84% Morningstar Fund Large Blend 7.55% 14.84% 40.47% 16.77% 16.15% 13.21% % Rank in Morningstar Category (1% = Best) -- -- 20% 19% 13% 32% # of Funds in Morningstar Category -- -- 1,386 1,257 1,099 820 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. * Within the “Definitions and Important Information” portion of this document, please see the “Important Fund Information” section pertaining to the historical performance results of Strategic Advisers Large Cap Fund. 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.

Strategic Advisers® Small-Mid Cap Fund (FSCFX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Small-Mid Cap Fund Gross Expense Ratio: 0.68%2 5.66% 18.82% 59.36% 15.00% 16.46% 11.87% Net Expense Ratio: 0.43% Russell 2500 Index 5.44% 16.97% 57.79% 15.24% 16.35% 12.86% Strategic Advisers Small-Mid Cap Linked Index 5.44% 16.97% 57.79% 15.24% 16.35% 12.86% Morningstar Fund Small Blend 4.36% 20.19% 60.18% 11.32% 13.88% 11.19% % Rank in Morningstar Category (1% = Best) -- -- 55% 10% 12% 37% # of Funds in Morningstar Category -- -- 653 603 512 356 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 06/23/2005. 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 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.

16 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® International Fund (FILFX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers International Fund Gross Expense Ratio: 0.87%2 4.78% 8.60% 35.19% 10.53% 11.61% 6.93% Net Expense Ratio: 0.62% MSCI EAFE Index (Net MA) 5.26% 8.98% 32.60% 8.49% 10.50% 6.07% Morningstar Fund Foreign Large Blend 5.12% 9.07% 33.76% 8.50% 10.08% 5.80% % Rank in Morningstar Category (1% = Best) -- -- 37% 16% 16% 14% # of Funds in Morningstar Category -- -- 757 673 579 385 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/23/2006. 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 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.

Strategic Advisers® Emerging Markets Fund (FSAMX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Emerging Markets Fund Gross Expense Ratio: 0.83%2 4.34% 7.79% 41.83% 12.38% 13.32% 4.75% Net Expense Ratio: 0.58% MSCI Emerging Markets Net MA Index 5.04% 7.45% 40.92% 11.30% 13.06% 4.33% Morningstar Fund Diversified Emerging Mkts 5.47% 8.73% 41.79% 11.48% 12.18% 4.39% % Rank in Morningstar Category (1% = Best) -- -- 48% 32% 32% 40% # of Funds in Morningstar Category -- -- 789 701 602 306 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/30/2010. 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 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.

17 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® Core Income Fund (FPCIX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Core Income Fund Gross Expense Ratio: 0.64%2 2.22% -1.00% 2.45% 6.15% 4.11% 4.00% Net Expense Ratio: 0.39% Bloomberg Barclays U.S. Aggregate Bond Index 1.83% -1.60% -0.33% 5.34% 3.03% 3.39% Morningstar Fund Intermediate Core-Plus Bond 1.99% -0.61% 3.06% 5.69% 3.75% 3.84% % Rank in Morningstar Category (1% = Best) -- -- 54% 33% 31% 42% # of Funds in Morningstar Category -- -- 587 550 478 341 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/27/2007. 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 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.

Strategic Advisers® Income Opportunities Fund (FPIOX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Income Opportunities Fund Gross Expense Ratio: 0.77%2 2.86% 3.94% 15.28% 6.61% 7.03% 5.85% Net Expense Ratio: 0.52% ICE BofA US High Yield Constrained Index 2.77% 3.70% 15.60% 7.12% 7.28% 6.49% Morningstar Fund High Yield Bond 2.50% 3.62% 14.69% 6.16% 6.21% 5.48% % Rank in Morningstar Category (1% = Best) -- -- 38% 43% 24% 33% # of Funds in Morningstar Category -- -- 683 634 556 361 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 09/27/2007. 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 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.

18 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® Short Duration Fund (FAUDX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Short Duration Fund Gross Expense Ratio: 0.63%2 0.22% 0.24% 1.20% 2.40% 2.01% 1.53% Net Expense Ratio: 0.38% FTSE 6-Month U.S. Treasury Bill Index 0.02% 0.04% 0.15% 1.44% 1.24% 0.71% Morningstar Fund Ultrashort Bond 0.13% 0.23% 0.98% 1.85% 1.66% -- % Rank in Morningstar Category (1% = Best) -- -- 31% 14% 19% -- # of Funds in Morningstar Category -- -- 234 204 162 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/2011. 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 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.

Strategic Advisers® Tax-Sensitive Short Duration Fund (FGNSX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Tax-Sensitive Short Duration Fund Gross Expense Ratio: 0.36%2 0.22% 0.25% 0.86% 1.52% -- 1.47% Net Expense Ratio: 0.11% Bloomberg Barclays 1 Year Municipal Bond Total Return 0.10% 0.31% 0.79% 1.76% 1.36% 1.79% Index Strategic Advisers Tax Sensitive Short Duration Composite 0.05% 0.13% 0.35% 1.21% -- 1.25% Index Morningstar Fund Ultrashort Bond 0.13% 0.23% 0.98% 1.85% 1.66% -- % Rank in Morningstar Category (1% = Best) -- -- 74% 77% -- -- # of Funds in Morningstar Category -- -- 222 200 180 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/28/2017. 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 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.

19 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® Fidelity U.S. Total Stock Fund (FCTDX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Fidelity U.S. Total Stock Fund Gross Expense Ratio: 0.62%2 8.24% 16.44% 45.68% 18.57% -- 16.81% Net Expense Ratio: 0.37% Dow Jones U.S. Total Stock Market Index 8.29% 15.27% 44.29% 18.69% 17.86% 17.33% Morningstar Fund Large Blend 7.55% 14.84% 40.47% 16.77% 16.15% -- % Rank in Morningstar Category (1% = Best) -- -- 15% 30% -- -- # of Funds in Morningstar Category -- -- 1,386 1,257 1,099 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/20/2018. 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 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.

Strategic Advisers® Fidelity International Fund (FUSIX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Fidelity International Fund Gross Expense Ratio: 0.95%2 5.18% 8.77% 32.33% 10.72% 11.30% 7.11% Net Expense Ratio: 0.70% MSCI EAFE Index (Net MA) 5.26% 8.98% 32.60% 8.49% 10.50% 6.07% Morningstar Fund Foreign Large Blend 5.12% 9.07% 33.76% 8.50% 10.08% 5.80% % Rank in Morningstar Category (1% = Best) -- -- 60% 13% 23% 12% # of Funds in Morningstar Category -- -- 757 673 579 385 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/08/2007. 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 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.

20 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Strategic Advisers® Fidelity Emerging Markets Fund (FGOMX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Fidelity Emerging Markets Fund Gross Expense Ratio: 0.67%2 4.23% 8.16% 43.63% -- -- 20.52% Net Expense Ratio: 0.42% MSCI Emerging Markets Net MA Index 5.04% 7.45% 40.92% 11.30% 13.06% 18.10% Morningstar Fund Diversified Emerging Mkts 5.47% 8.73% 41.79% 11.48% 12.18% -- % Rank in Morningstar Category (1% = Best) -- -- 37% ------# of Funds in Morningstar Category -- -- 789 701 602 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/30/2018. 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 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.

Strategic Advisers® Fidelity Core Income Fund (FIWGX)

PERFORMANCE SUMMARY: Cumulative Annualized Periods ending June 30, 2021 3 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Strategic Advisers Fidelity Core Income Fund Gross Expense Ratio: 0.46%2 2.26% -0.57% 2.79% -- -- 7.27% Net Expense Ratio: 0.21% Bloomberg Barclays U.S. Aggregate Bond Index 1.83% -1.60% -0.33% 5.34% 3.03% 6.16% Morningstar Fund Intermediate Core-Plus Bond 1.99% -0.61% 3.06% 5.69% 3.75% -- % Rank in Morningstar Category (1% = Best) -- -- 44% ------# of Funds in Morningstar Category -- -- 587 550 478 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 10/16/2018. 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 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.

21 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Definitions and Important Information J.P. Morgan Emerging Markets Bond Index Global tracks total returns for the U.S. dollar-denominated debt instruments issued by Emerging Market sovereign and quasi-sovereign entities, such as Information provided in this document is for informational and Brady bonds, loans, and Eurobonds educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to Bloomberg Barclays U.S. Aggregate Bond Index is a broad- be impartial investment advice or advice in a fiduciary capacity and is based, market-value-weighted benchmark that measures the not intended to be used as a primary basis for you or your client's performance of the investment grade, U.S. dollar denominated, investment decisions. Fidelity, and its representatives may have a fixed-rate taxable bond market. Sectors in the index include conflict of interest in the products or services mentioned in this Treasuries, government-related and corporate securities, MBS material because they have a financial interest in, and receive (agency fixed-rate and hybrid ARM pass-throughs), ABS, and compensation, directly or indirectly, in connection with the CMBS. management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and Bloomberg Barclays U.S. 1-10 Year Treasury Inflation-Protected products, and certain investment services. Securities (TIPS) Index (Series-L) is a market value-weighted index that measures the performance of inflation-protected securities BROAD ASSET CLASS RETURNS issued by the U.S. Treasury that have a remaining average life between 1 and 10 years A graphical representation of historical market performance and the variations in returns among asset classes, as represented by the Bloomberg Barclays Municipal Bond Index is a market value- following indexes: weighted index of investment-grade municipal bonds with maturities of one year or more S&P 500 Index is a market capitalization-weighted index of 500 Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index is a common stocks chosen for market size, liquidity, and industry market value-weighted index of investment-grade fixed-rate public group representation to represent U.S. equity performance obligations of the U.S. Treasury with maturities of 3 months, Russell 1000 Growth Index is a market-capitalization-weighted excluding zero coupon strips.. index designed to measure the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000 index companies with higher price-to-book ratios and higher IMPORTANT FUND INFORMATION forecasted growth rates. Effective November 20, 2020, Strategic Advisers® Core Fund ("Predecessor Fund") and two other funds were reorganized into Russell 1000 Value Index is a market-capitalization-weighted index Strategic Advisers® Large Cap Fund ("Reorganization"). The designed to measure the performance of the large-cap growth Predecessor Fund's investment objective was identical to the fund's segment of the U.S. equity market. It includes those Russell 1000 and the Predecessor Fund was managed in a manner that, in all index companies with lower price-to-book ratios and lower material respects, complied with the investment guidelines and expected growth rate. restrictions of the fund. The Predecessor Fund was designated as the Russell 2500 Index is a market-capitalization-weighted index accounting survivor in the Reorganization. As a result, the fund has designed to measure the performance of the small to mid-cap assumed the Predecessor Fund's historical performance and the segment of the U.S. equity market. It includes approximately 2,500 performance information shown below includes that of the of the smallest securities in the Russell 3000 Index Predecessor Fund, which had a different fee structure than the fund, for all periods prior to the Reorganization. Past performance may MSCI World ex USA Net Mass Index captures large and mid-cap have been different if the fund's current fee structure had been in representation across the Developed Markets countries (excluding place during the period. the United States). The index covers approximately 85% of the free float-adjusted market capitalization in each country. INDICES MSCI Emerging Markets Index is a market capitalization-weighted It is not possible to invest directly in an index. All indices represented index that is designed to measure the investable equity market are unmanaged. All indices include reinvestment of dividends and performance for global investors in emerging markets interest income unless otherwise noted. ICE BofA U.S. High Yield Constrained Index is a modified market Bloomberg Barclays 1 Year Municipal Bond Total Return Index is a capitalization–weighted index of US dollar denominated below market-value-weighted index of investment-grade fixed-rate investment grade corporate debt publicly issued in the US municipal bonds with maturities between one and two years. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based, and Fitch). The country of risk of qualifying issuers must be an FX- market-value-weighted benchmark that measures the performance G10 member, a Western European nation, or a territory of the US of the investment grade, U.S. dollar-denominated, fixed-rate taxable or a Western European nation. The FX-G10 includes all Euro bond market. Sectors in the index include Treasuries, government- members, the US, Japan, the UK, Canada, Australia, New Zealand, related and corporate securities, MBS (agency fixed-rate and hybrid Switzerland, Norway and Sweden. In addition, qualifying securities ARM pass-throughs), ABS, and CMBS. must have at least one year remaining to final maturity, a fixed Dow Jones U.S. Total Stock Market Index is a float-adjusted coupon schedule and at least $100 million in outstanding face market-capitalization-weighted index of all equity securities of U.S. value. Defaulted securities are excluded. The index contains all headquartered companies with readily available price data. securities of ICE BofA U.S. High Yield Index but caps issuer exposure at 2%.

22 | QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

FTSE 6-Month U.S. Treasury Bill Index measures the return percentile rank relative to all funds that have the same Morningstar equivalent of yield averages of the last six 6-month US Treasury bill Category. The highest (or most favorable) percentile rank is 1 and month-end rates that are not marked to market. the lowest (or least favorable) percentile rank is 100. The top- performing fund in a category will always receive a rank of 1%. % ICE BofA U.S. High Yield Constrained Index is a modified market Rank in Morningstar Category is based on total returns which capitalization weighted index of US dollar denominated below include reinvested dividends and capital gains, if any, and exclude investment grade corporate debt publicly issued in the US domestic sales charges. Multiple share classes of a fund have a common market. Qualifying securities must have a below investment grade portfolio but impose different expense structures. rating (based on an average of Moody's, S&P and Fitch). The country of risk of qualifying issuers must be an FX-G10 member, a Western European nation, or a territory of the US or a Western European nation. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. In addition, qualifying securities must have at least one year remaining to final maturity, a fixed coupon schedule and at least $100 million in outstanding face value. Defaulted securities are excluded. The index contains all securities of The ICE BofA US High Yield Index but caps issuer exposure at 2%.

MSCI EAFE Index (Net MA Tax) is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts.

MSCI Emerging Markets Index Net MA Index represents the performance of the MSCI Emerging Markets (Net Massachusetts tax) since January 1, 2004, and the MSCI Emerging Markets (G) prior to that date.

Russell 2500 Index is a market-capitalization-weighted index designed to measure the performance of the small to mid-cap segment of the U.S. equity market. It includes approximately 2,500 of the smallest securities in the Russell 3000 Index.

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.

Strategic Advisers Small-Mid Cap Linked Index represents the performance of the Russell 2500 Index since May 1, 2010, and the Russell 2000 Index prior to that date.

Strategic Advisers Tax Sensitive Short Duration Composite Index definition will be add at a later date...when it can be tracked down.

MSCI ACWI (All Country World Index) ex USA Index is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States.

RANKING INFORMATION © 2021 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

23 | QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Manager Facts Manager Fund and Strategic Advisers Value Multi-Manager Fund, as well as the U.S. Equity sub-portfolios for certain Paul Quistberg is a chief investment officer at Strategic Advisers Fidelity® Wealth Services (FWS) (formerly Fidelity Portfolio LLC, a registered investment adviser and a Fidelity Investments Advisory Service), Fidelity Charitable Gift Fund Legacy Pool, and company. Fidelity Investments is a leading provider of the 529 Multi-Firm portfolios. investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial Prior to assuming his current responsibilities, Mr. Stone served products and services to institutions, financial intermediaries, as a portfolio manager at Mercer Investments. Previously, he was and individuals. an investment analyst at Pyramis Global Advisors, a Fidelity Investments company. Mr. Stone also worked as an investment In this role, Mr. Quistberg is responsible for overseeing the associate at Devonshire Investors and as a Fidelity management investment teams for Portfolio Advisory Services Accounts, trainee. He has been in the investments industry since first Portfolio Advisory Services Accounts – Tax-Sensitive Accounts, joining Fidelity in 1993. Workplace Managed Accounts*, and the Strategic Advisers Funds. Additionally, he has oversight of the Fidelity Charitable Mr. Stone earned his bachelor of science degree in quantitative Gift Fund® (CGF) Charitable Legacy Pool, as well as manager economics from Tufts University and his master of business selection for Fidelity's open-architecture 529 portfolios. administration degree from Cornell University's Johnson Graduate School of Management. He is also a CFA® Prior to assuming his current position in May 2018, Mr. charterholder. Quistberg was head of research for the Strategic Advisers research organization, which includes the quantitative and Wilfred Chilangwa is a portfolio manager and international fundamental teams. He also had oversight of certain Strategic equity group leader at Strategic Advisers LLC. Strategic Advisers Advisers portfolio management teams. LLC is a registered investment adviser and a Fidelity Investments company. Fidelity Investments is a leading provider of Prior to joining Fidelity in 2015, Mr. Quistberg was the chief investment management, retirement planning, portfolio investment officer at BofA Global Capital Management, Bank of guidance, brokerage, benefits outsourcing, and other financial America's proprietary cash and fixed income management products and services to institutions, financial intermediaries, investment advisor, from 2010 to 2015. Previously, he was the and individuals. head of cash investments and liquidity strategies for Columbia Management from 2008 to 2010, and the chief operating officer In this role, Mr. Chilangwa is responsible for overseeing the of the fixed income division and director of credit research at international equity investment strategy and managing a variety Putnam Investments from 1995 to 2008. He worked earlier in his of funds, including Strategic Advisers International Fund, career at the Travelers Insurance Company as an investment Strategic Advisers Fidelity International Fund, Strategic Advisers officer and at KPMG Peat Marwick as an audit manager. Mr. Emerging Markets Fund, Strategic Advisers Fidelity Emerging Quistberg has over 30 years of investment and financial services Markets Fund, as well as the international sub-portfolio for experience. certain Fidelity® Wealth Services (FWS) accounts (formerly Fidelity Portfolio Advisory Service). Additionally, he leads the Mr. Quistberg earned his bachelor of science degree in Fidelity Charitable Gift Fund (CGF) investment efforts within accounting from the University of Connecticut and his master of Strategic Advisers where he is responsible for the oversight of all business administration degree in finance from the University of CGF investment pools. Chicago's Booth School of Business. He is also a Certified Public Accountant (CPA) and a CFA® charterholder. Prior to assuming his current position in 2006, Mr. Chilangwa held various positions of increasing stature within Strategic John Stone is a portfolio manager and U.S. Equity group leader Advisers. Previously, he was a senior fund analyst and an at Strategic Advisers LLC, a registered investment adviser and a international strategist. Fidelity Investments company. Fidelity Investments is a leading provider of investment management, retirement planning, Before joining Fidelity in 1997, Mr. Chilangwa worked as a senior portfolio guidance, brokerage, benefits outsourcing, and other research analyst and assistant vice president in new product financial products and services to institutions, financial development for global investment and asset administration at intermediaries, and individuals. State Street Corporation. He has been in the financial industry since 1992. In this role, Mr. Stone is responsible for overseeing the U.S. Equity investment strategy. Additionally, he manages a variety of Mr. Chilangwa earned his bachelor of arts degree in physics and funds, including Strategic Advisers Core Fund, Strategic Advisers economics from Brandeis University and his master of arts Growth Fund, Strategic Advisers Value Fund, Strategic Advisers degree in international economics and finance from Brandeis Core Multi-Manager Fund, Strategic Advisers Growth Multi- International Business School. He is also a CFA® charterholder.

24 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

Company as a systems analyst and as a systems associate. He has been in the investments industry since joining Fidelity in Gopalakrishnan Anantanatarajan is a team leader and portfolio 2001. manager at Strategic Advisers LLC, a registered investment adviser and a Fidelity Investments company. Fidelity Investments Mr. Devitt earned his bachelor of science degree in business is a leading provider of investment management, retirement information systems from University College Cork in Ireland, and planning, portfolio guidance, brokerage, benefits outsourcing, his master of science degree in finance from Boston College. He and other financial products and services to institutions, financial is also a CFA® charterholder. intermediaries, and individuals.

In this role, Mr. Anantanatarajan leads a team responsible for the Jonathan Duggan is a portfolio manager at Strategic Advisers evaluation and selection of open-architecture mutual funds and LLC, a registered investment adviser and a Fidelity Investments institutional strategies as well as asset class analysis and company. Fidelity Investments is a leading provider of recommendations in certain portions of the U.S. equity area for investment management, retirement planning, portfolio Fidelity® Wealth Services (FWS) accounts. Additionally, he guidance, brokerage, benefits outsourcing, and other financial serves as co-manager of Strategic Advisers Value Fund. products and services to institutions, financial intermediaries, and individuals. Prior to assuming his current position in September 2015, Mr. Anantanatarajan held various other roles within Strategic In this role, Mr. Duggan is responsible for overseeing the taxable Advisers, including senior research analyst and research analyst Fixed Income investment strategy. Additionally, he manages a in the U.S. equity core area, and research associate supporting variety of funds, including Strategic Advisers Core Income Fund, the U.S. equity value team. Previously, he was a senior research Strategic Advisers Fidelity Core Income Fund as well as the fixed associate at Fidelity India supporting the Strategic Advisers U.S. income sub-portfolios for certain Fidelity® Wealth Services (FWS) equity value team. accounts (formerly Fidelity Portfolio Advisory Service), Fidelity Index Focused, Fidelity Charitable Gift Fund Legacy Pool, and Before joining Fidelity in 2006, Mr. Anantanatarajan was an the 529 Multi-Firm portfolios. He is also the lead portfolio assistant manager at Franklin Templeton International Services manager of Strategic Advisers Short Duration Fund. (India), a financial analyst at OfficeTiger, and a processing executive at Citigroup-eServe International. He has been in the Prior to assuming his current responsibilities, Mr. Duggan was a financial industry since 2006. team leader at Strategic Advisers LLC, managing a team responsible for the evaluation and selection of open-architecture Mr. Anantanatarajan earned his bachelor of commerce degree in mutual funds and institutional strategies, as well as asset class accounting, finance, and economics from Sydenham College of analysis and recommendations in certain portions of the U.S. Commerce and Economics, and his master of science degree in fixed income area. finance (international investments) from Brandeis University's International Business School. He is also an Associate Chartered Before joining Fidelity as a senior research analyst in 2007, Mr. Accountant (ACA). Duggan was an assistant vice president and research analyst at Deutsche Bank. Previously, he held various other roles, including senior research analyst at the Federal Reserve Bank of Boston, Niall Devitt is a portfolio manager at Strategic Advisers LLC, a investment research analyst in the Investment Strategy group at registered investment adviser and a Fidelity Investments John Hancock Financial Services, and financial analyst in the company. Fidelity Investments is a leading provider of Wealth Management and Brokerage group at Fleet Boston investment management, retirement planning, portfolio Financial. Prior to that, Mr. Duggan worked at Reidy and guidance, brokerage, benefits outsourcing, and other financial Company, Inc. and New England Financial. He has been in the products and services to institutions, financial intermediaries, financial industry since 1994. and individuals. Mr. Duggan earned his bachelor of science degree in business In this role, Mr. Devitt is responsible for overseeing the U.S. administration from Babson College, as well as his master of Equity sub-portfolios for certain Fidelity® Wealth Services (FWS) science in finance and master of business administration (formerly Portfolio Advisory Service) index-focused products. degrees from Suffolk University's Sawyer School of Additionally, he serves as a co-manager on the Strategic Management. He is also a CFA® charterholder and a member of Advisers Core Fund and Strategic Advisers Growth Fund. CFA Society Boston.

Prior to assuming his current position in October 2017, Mr. Devitt held various roles within Strategic Advisers, including Christopher Heavey is a portfolio manager at Strategic Advisers team leader, research analyst, and research associate. LLC, a registered investment adviser and a Fidelity Investments Previously, Mr. Devitt worked at Fidelity Tax Exempt Services company. Fidelity Investments is a leading provider of

25 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

investment management, retirement planning, portfolio Mr. Martinez earned his bachelor of arts degree in finance from guidance, brokerage, benefits outsourcing, and other financial University of South Carolina and his master of business products and services to institutions, financial intermediaries, administration degree from Boston University Graduate School and individuals. of Management. He is also a CFA® charterholder and fluent in Spanish. In this role, Mr. Heavey is responsible for the Fidelity® Wealth Services (FWS) Tax-Sensitive accounts (formerly Fidelity Portfolio Advisory Service and Fidelity Personalized Portfolios). Barry Golden is a portfolio manager at Strategic Advisers LLC, a Additionally, he manages Strategic Advisers Tax-Sensitive registered investment adviser and a Fidelity Investments Duration Fund. company. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio Prior to assuming his current responsibilities, Mr. Heavey was a guidance, brokerage, benefits outsourcing, and other financial senior research analyst covering the municipal asset class and, products and services to institutions, financial intermediaries, previously, municipal high yield. Additionally, he was a member and individuals. of Fidelity's Fixed Income tax exempt credit research team, covering various municipal sectors, and an investment analyst In this role, Mr. Golden manages Strategic Advisers Small-Mid supporting Fidelity's Fixed Income trading desk. Cap Fund, Strategic Advisers Fidelity U.S. Total Stock Fund, and the Fidelity U.S. Large Cap Equity SMA. Before joining Fidelity in 1998, Mr. Heavey was an orthotist at Boston Children's Hospital. He has been in the investments Prior to assuming his current position in May 2013, Mr. Golden industry since 1998. served as the alternative investments research team leader. Previously, he was the U.S. growth research team leader, and Mr. Heavey earned his bachelor of science degree from Syracuse during this time, also co-managed Strategic Advisers Growth University and his master of business administration degree in Fund. Mr. Golden also held various other roles within Fidelity, finance from Bentley University. He is also a CFA charterholder including associate director of investments on the Fidelity and serves on the boards of a not-for-profit local hospital and Charitable Gift Fund, research analyst, and data analyst at senior housing corporation. Fidelity Management & Research Company (FMR Co.). He has been in the investments industry since joining Fidelity in 2003.

Antonio Martinez is a senior research analyst at Strategic Mr. Golden earned his bachelor of science degree in business Advisers LLC, a registered investment adviser and a Fidelity information systems from University College Cork in Ireland, Investments company. Fidelity Investments is a leading provider where he graduated with first class honors, and his master of of investment management, retirement planning, portfolio science degree in finance (international investments) from guidance, brokerage, benefits outsourcing, and other financial Brandeis University's International Business School. He is also a products and services to institutions, financial intermediaries, CFA® charterholder and a Chartered Alternative Investment and individuals. Analyst (CAIA).

In this role, Mr. Martinez co-manages the Strategic Advisers Fidelity Emerging Markets Fund and the emerging- market Chip Sterling is a portfolio manager and research analyst at equity portfolios within Strategic Advisers' taxable offering. Strategic Advisers LLC, a registered investment adviser and a Additionally, his responsibilities include research coverage of Fidelity Investments company. Fidelity Investments is a leading emerging-market equities. provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other Prior to joining Strategic Advisers in 2007, Mr. Martinez worked financial products and services to institutions, financial for two years as a private equity analyst for Fidelity Strategic intermediaries, and individuals. Investments, where some of his projects included ventures with emerging markets. From 2003 to 2006, he was a mergers-and- In this role, Mr. Sterling manages the Strategic Advisers Income acquisitions analyst for Fidelity Corporate Business Opportunities Fund. He is also responsible for coverage of high- Development, specializing in financial services, health care, and yield debt, emerging-markets debt, bank loan, and convertible outsourcing. Mr. Martinez joined Fidelity Investments in 2001 bond asset classes, and is responsible for manager selection through its Corporate Finance Leadership Program. within these asset classes. Additionally, he provides relative asset class calls for the asset allocators of Strategic Advisers. Prior to obtaining his MBA. and joining Fidelity Investments, Mr. Before joining Strategic Advisers in 2012, Mr. Sterling was a high Martinez held various finance-related roles in Ecuador, such as a yield bond analyst within the High Income division at Fidelity professor of accounting and finance at a local business school, since 2001. as well as an asset and liability manager and a foreign exchange trader at one of the largest local banks. Prior to joining Fidelity in 2001, Mr. Sterling was an equity

26 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. QUARTERLY INVESTMENT COMMENTARY | AS OF JUNE 30, 2021

research associate at Eaton Vance Management where he assisted analysts covering multiple industries. Mr. Sterling is also a former U.S. Army Officer. He has been in the financial industry since 1996.

Mr. Sterling earned his bachelor of arts degree in math and economics from Providence College and his master of business administration in finance from The Wharton School of the University of Pennsylvania. He is also a CFA® charterholder.

27 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this report. Before investing in any mutual fund, please carefully consider Fidelity® Wealth Services provides non-discretionary financial planning the investment objectives, risks, charges, and expenses. For and discretionary investment management through one or more Portfolio this and other information, call or write Fidelity for a free Advisory Services accounts for a fee. Advisory services offered by Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment prospectus or, if available, a summary prospectus. Read it adviser, and Fidelity Personal Trust Company, FSB (FPTC), a federal carefully before you invest. savings bank. Nondeposit investment products and trust services offered Past performance is no guarantee of future results. through FPTC and its affiliates are not insured or guaranteed by the Views expressed are through the end of the period stated and do not Federal Deposit Insurance Corporation or any other government agency, necessarily represent the views of Fidelity. Views are subject to change at are not obligations of any bank, and are subject to risk, including possible any time based upon market or other conditions and Fidelity disclaims any loss of principal. Discretionary portfolio management servicesprovided by responsibility to update such views. These views may not be relied on as Strategic Advisers LLC (Strategic Advisers), a registered investment investment advice and, because investment decisions for a Fidelity fund adviser. Brokerage services provided by Fidelity Brokerage Services LLC are based on numerous factors, may not be relied on as an indication of (FBS), and custodial and related services provided by National Financial trading intent on behalf of any Fidelity fund. The securities mentioned are Services LLC (NFS), each a member NYSE and SIPC. FPWA, Strategic not necessarily holdings invested in by the portfolio manager(s) or FMR Advisers, FPTC, FBS, and NFS are Fidelity Investments companies. LLC. References to specific company securities should not be construed Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, as recommendations or investment advice. Smithfield, RI 02917. Diversification does not ensure a profit or guarantee against a loss. © 2021 FMR LLC. All rights reserved. Information included on this page is as of the most recent calendar Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. quarter. S&P 500 is a registered service mark of Standard & Poor's Financial 913176.5.0 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.